Slight slackening of activity in local Chinese steel scrap market

During the week ending April 21, local steel scrap prices in the Chinese market have mostly indicated small downticks, though prices in some local markets have remained stable, while transaction activity in the overall market remains at decent levels despite a slight slackening during the week. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
 
During the given week, steelmakers in the Chinese domestic market, especially smaller steelmakers, have slowed down their scrap purchasing activities slightly, resulting in declines in scrap prices. Lately, domestic semi-finished steel prices have indicated a rebound, providing a certain degree of support for scrap prices. However, steelmakers have shown a willingness to reduce their scrap inventories, which exerts a negative impact on scrap prices. It is expected that scrap prices in the Chinese domestic market will continue their slight downtrend in the coming week.