Steel Scrap Prices Likely to Grow

SHANGHAI, Feb 27 (SMM) -  In the first half of last week, steel prices soared, boosting the market sentiment. Steel mills actively increased their purchase prices of scrap, but the steel scrap suppliers became less willing to ship, which lowered the actual arrivals at steel mills. In the second half of the week, some scrap suppliers shipped their goods with a fall in steel prices, and the scrap prices then fell slightly. In the short term, the steel mills will be more willing to produce amid the acceptable profits. The demand for steel scrap will grow, hence the scrap prices will move rangebound with some upward potential this week.