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China's steel scrap prices expected to rise in November

In mid and early October, steel scrap demand remained stable due to production cuts. Under these circumstances, the increase in steel scrap prices remained much weaker in late October compared to other grades. Steel scrap prices may increase in November.

China's steel scrap prices expected to rise in November

Domestic steel scrap prices experienced a drop, followed by a rise in October. According to the data as of 31st October, the steel scrap prices in Zhangjiagang stood at 2,550 yuan/mt, with a decline of 50 yuan/mt month-on-month.

The first half of October saw weak demand owing to the National Day holiday and the Asian Games. Further, the expected interest rate hikes abroad and local conflicts contributed to a rise in risk aversion.

In mid-October, the bearish trend in the ferrous metal market subsided, causing the most-traded rebar futures contract to stop declining and settle at 3,550 yuan/mt. Furthermore, favourable policies were reintroduced in China.

The domestic construction and manufacturing sectors experienced their peak season in October, resulting in an oversupply of steel scrap. Demand for steel scrap remained steady to weak, in light of steel prices eroding which led to steel mills cutting production in mid to early October. Under these circumstances, the rise in steel scrap prices was notably weaker in late October in comparison to other grades. It is possible that steel scrap prices may increase in November.

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