During the week ending July 7, local steel scrap prices in the Chinese market have continued their decreasing trend, while transaction activity in the overall market has been lower than in the previous week and is now at low levels. Average scrap prices in China's main markets are presented in the table below.
During the given week, since prices of iron ore and semi-finished steel have indicated sharp declines, scrap prices have also declined. In order to gain better scrap prices amid declining finished steel prices, steelmakers have slowed down their purchasing activities, resulting in lower transaction levels. It is expected that scrap prices in the Chinese domestic market will continue their downtrend in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,360 | 219 | ↓40 |
Liupanshui | 1,280 | 206 | ↓60 | ||
Zhangjiagang | 1,320 | 213 | ↓60 | ||
Handan | 1,360 | 219 | ↓40 | ||
Nanchang | 1,300 | 209 | ↓20 | ||
Anyang | 1,280 | 206 | ↓70 | ||
Jinan | 1,350 | 217 | ↓50 | ||
Average | 1,321 | 213 | ↓49 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.21