Local Chinese steel scrap market impacted by iron ore price trend

During the given week, declining iron ore prices have exerted pressure on scrap prices. Domestic steelmakers have sought lower scrap purchase prices and traders have agreed to reduce their prices in order to attract business. Lately, iron ore futures and finished steel futures prices have indicated a rebound, providing a certain degree of support for iron ore prices in the spot market, which is expected to positively affect the scrap price trend. It is thought that scrap prices in the Chinese domestic market will halt their declining trend and move sideways in the coming week.