During the week ending September 30, prices in the main local steel scrap markets in China have indicated a stable trend in most regions of the country, while scrap prices in Nanchang have followed a slight downtrend, with overall transaction activity in the domestic market being better than in the previous week. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, domestic steelmakers have stepped up their purchases of scrap ahead of the National Day Holiday (October 1-7), providing a certain degree of support for the sideways movement of scrap prices. Meanwhile, after the price decreases recorded in previous weeks, scrap sellers have been unwilling to reduce their prices further especially as their inventories are now at low levels. It is expected that scrap prices in the Chinese domestic market will remain on a stable trend after the holiday period.