Local Chinese steel scrap market still moving in downward direction

Tuesday, 11 April 2017 14:07:57 (GMT+3)   |   Shanghai
       

During the week ending April 11, the local steel scrap market in China has continued to move on a downward trend, while transaction activity in the overall market has slowed down and is now at low levels. Average scrap prices in China's main markets are presented in the following table.
 
During the given week, since domestic finished steel and semi-finished steel prices have indicated significant declines, steelmakers in China have come under pressure to reduce their production costs and so have cut their purchase prices for scrap. The declines in scrap prices have resulted in an unwillingness among traders to sell their scrap materials, contributing to the slackening of transaction activity. The spot and futures markets for finished steel have been exerting a negative impact on the scrap market. 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

1,800

261

↓100

Liupanshui

1,530

222

↓70

Zhangjiagang

1,830

265

↓70

Handan

1,810

262

↓80

Nanchang

1,750

254

↓70

Anyang

1,650

239

↓70

Jinan

1,870

271

↓70

Average

1,749

253

↓76

All prices are ex-warehouse and include 17 percent VAT.
 
$1 = RMB 6.90


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