Trade Review: Turnaround in Asian scrap market in Q3 hinges on China’s steel demand

Asian seaborne scrap prices are expected to remain under downward pressure in the third quarter after retreating through Q2 from the multi-year highs reached in the wake of Russia’s invasion of Ukraine in late February. Despite the bearish outlook stemming from weak steel demand expectations, market participants said a pickup in China’s steel demand and geopolitical tensions were key factors…