During the week ending July 22, prices in the main local steel scrap markets in China have generally indicated a stable trend, apart from slight price rises in Shandong Province, while overall transaction activity has been at poor levels. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, steelmakers in Shandong have increased their purchase prices for scrap due to their low inventories, while scrap prices in other regions of China have followed a stable trend. In recent days, bearish sentiment has prevailed in the steel futures market in China, while iron ore prices have faced resistance to their upward movement. These factors have resulted in reduced support for domestic scrap prices. At the same time, it is expected that scrap prices in the Chinese domestic market will continue their stable trend in the coming week amid limited supplies in the market.