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The domestic scrap steel market in China is operating in a stable but slightly strengthening trend.
Last week, the domestic scrap steel market remained stable with a slight upward trend. Overall market supply remained tight, with base collection volumes still at low levels. Steel mills saw a significant decline in incoming shipments, leading to a slight decrease in inventory. Compared to the previous week, the average scrap steel procurement prices at major steel mills increased as follows: heavy scrap steel rose by 7 yuan/ton, medium scrap steel rose by 14 yuan/ton, and mixed scrap steel rose by 9 yuan/ton.
Recently, the finished steel market has faced oversupply, with steel demand showing no signs of improvement. The steel market has fluctuated, leading to reduced profits for steel mills, diminished production enthusiasm, and weakened demand for scrap steel. Steel mill inventories remain broadly low with a continuing downward trend. Base inventories are also at low levels, and scrap processing volumes have decreased. However, overall market supply remains tight, coupled with persistently low steel mill inventories, which supports scrap prices. Overall, the domestic scrap steel market is expected to fluctuate within a narrow range in the near term.
Scrap steel,Scrap steel market,Steel market
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