During the week ending September 20, average prices of local steel scrap in the Chinese market have indicated an overall downtrend, while transaction activity in the overall market has remained at low levels. Average scrap prices in China’s main markets are presented in the following table.
The overall sluggish trend in finished steel market has exerted a downward pressure on scrap market, thus steelmakers lowered their purchasing prices for scrap. As for the coming period, the finished steel market will unlikely see significant improvement, which will negatively affect scrap market. However, some steelmakers will likely increase purchases for scrap before National Holiday (October 1-7), which will bolster scrap prices to some extent. It is thought that scrap prices in the Chinese market will likely move sideways in the coming week.
| Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| HMS scrap | > 6 mm | Tianjin | 1.600 | 240 | ↓50 |
| Liupanshui | 1.550 | 232 | ↓30 | ||
| Zhangjiagang | 1.600 | 240 | ↓80 | ||
| Handan | 1.550 | 232 | ↓30 | ||
| Nanchang | 1.580 | 237 | ↓20 | ||
| Anyang | 1.530 | 229 | ↓40 | ||
| Jinan | 1.650 | 247 | ↓20 | ||
| Average | 1.580 | 237 | ↓39 |
The above prices include 17 percent VAT
$1 = RMB 6.67