During the week ending August 16, local steel scrap prices in the Chinese market have mostly indicated a rising trend, though prices have remained unchanged in Nanchang, Jiangxi and Handan, Hebei, while transaction activity in the overall market has improved and is now at medium levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, domestic steelmakers stepped up their purchases of scrap, causing prices in the scrap market to rise. Some steelmakers increased their purchase prices for scrap to ensure they would be able to buy in sufficient volumes of scrap. Ferrous metal futures prices in China are continuing their upward movement following some downward corrections, while bullish sentiment still prevails in the domestic finished steel market. It is expected that scrap prices in the Chinese domestic market will likely increase in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,600 | 241 | ↑20 |
Liupanshui | 1,530 | 231 | ↑20 | ||
Zhangjiagang | 1,680 | 253 | ↑40 | ||
Handan | 1,580 | 238 | 0 | ||
Nanchang | 1,580 | 238 | 0 | ||
Anyang | 1,550 | 234 | ↑20 | ||
Jinan | 1,650 | 249 | ↑20 | ||
Average | 1,596 | 241 | ↑17 |
The above prices include 17 percent VAT
$1 = RMB 6.63