Domestic steel scrap prices largely crept down last week

Domestic steel scrap prices largely crept down last week. With steel prices swinging narrowly, bullish sentiment weakened. Steel scrap suppliers kept inventory low via active shipments. On the demand side, steel mills had stable steel scrap demand, but worked on cutting prices owing to poor profits. Given balanced supply-demand fundamentals, steel scrap inventory will remain low. Tracking swings of finished goods, steel scrap prices is projected to fluctuate from minus 50 yuan/mt to plus 50 yuan/mt.