During the week ending December 6, local steel scrap prices in the Chinese market have moved on a stable trend, while transaction activity in the overall market has been at low levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, the Chinese authorities have shut down many intermediate frequency melting furnaces within the scope of environmental protection measures, resulting in reduced demand and slack transaction activity for scrap. However, the good performance in the finished steel and iron ore markets has provided some support for scrap prices, enabling them to move on a stable trend. It is thought that scrap prices in the Chinese domestic market will likely edge down slightly in the coming week due to slacker demand.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,850 | 269 | 0 |
Liupanshui | 1,730 | 251 | 0 | ||
Zhangjiagang | 1,880 | 273 | 0 | ||
Handan | 1,820 | 265 | 0 | ||
Nanchang | 1,750 | 254 | 0 | ||
Anyang | 1,780 | 259 | 0 | ||
Jinan | 1,900 | 276 | 0 | ||
Average | 1,816 | 264 | 0 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.88