During the week ending September 9, prices in the main local steel scrap markets in China have continued their downtrend, while overall transaction activity has been at low levels. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Cuts in domestic steelmakers' finished steel and semi-finished steel prices have contributed to bearish sentiment in the steel market, thereby exerting a negative impact on the local scrap market. Since scrap prices have continued to move down, traders have been unwilling to conclude transactions. Meanwhile, steelmakers are still seeking lower scrap prices given the weak situation in the steel market. It is expected that scrap prices in the Chinese domestic market will indicate downward movement in the coming week, also due to the ongoing declines seen in iron ore and coke prices.