Local Chinese scrap market receives support from finished steel side

During the given week, due to the rebound seen in domestic prices of semi-finished and finished steel, scrap prices in the local Chinese market have mostly indicated a stable trend, while some scrap traders in northern China have raised their prices. At the same time, steelmakers' scrap purchasing activities have picked up and are now decent levels. However, an overall declining trend has been observed in prices of iron ore and coke, exerting a negative impact on scrap prices. It is expected that scrap prices in the Chinese domestic market will follow a stable trend in the coming week as the prospects for finished steel prices are still uncertain.