During the week ending March 28, soft trends have been observed in some regions in local steel scrap market in China, while transaction activity in the overall market has been slacker than in the previous week and is now at low-to-medium levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, ferrous metal futures prices in China have decreased significantly, exerting negative pressure on the domestic steel market and in turn negatively impacting domestic steel scrap prices. Meanwhile, steel mills do not need to buy so much scrap at present and this lower demand has contributed to the soft trend of scrap prices in some regions. Considering that the scrap market is still characterized by oversupply, it is expected that scrap prices in the Chinese domestic market will indicate a downward trend in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,900 |
276 |
↓40 |
Liupanshui |
1,600 |
233 |
↓50 |
||
Zhangjiagang |
1,900 |
276 |
0 |
||
Handan |
1,890 |
275 |
0 |
||
Nanchang |
1,820 |
265 |
↓30 |
||
Anyang |
1,720 |
250 |
0 |
||
Jinan |
1,940 |
282 |
0 |
||
Average |
1,824 |
265 |
↓17 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.88