Average scrap prices in the Chinese domestic market have moved up compared to the previous week amid a slight improvement in demand, better sentiments, and low stocks at the buyers’ side.
Average domestic HMS scrap prices in China are at RMB 2,639/mt ex-warehouse, increasing by RMB 28/mt on average compared to previous week, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
|
Product name |
Specification |
Origin |
Price |
Price |
Weekly change |
Weekly change |
|
HMS |
> 6 mm |
Tianjin |
2,750 |
383.1 |
40 |
5.9 |
|
Liupanshui,Guizhou |
2,575 |
358.7 |
45 |
6.6 |
||
|
Nanchang,Jiangxi |
2,605 |
362.9 |
20 |
3.1 |
||
|
Handan,Hebei |
2,720 |
378.9 |
40 |
5.9 |
||
|
Anyang,Henan |
2,650 |
369.2 |
10 |
1.8 |
||
|
Zhangjiagang,Jiangsu |
2,650 |
369.2 |
20 |
3.1 |
||
|
Jinan,Shandong |
2,520 |
351.1 |
20 |
3.1 |
||
|
Average |
2,639 |
367.6 |
28 |
4.2 |
||
|
Note: Prices include 3 percent VAT as of March 1 2022. |
||||||
During the given week, scrap prices in the Chinese domestic market have moved on an upward trend as there have been fewer supplies arriving in the market. Demand for scrap has been relatively stable, bolstering prices. Meanwhile, steelmakers have been seeking to build up stocks, exerting a positive impact on prices, and inventory of scrap has been at relatively low levels, also providing support for prices. Moreover, China has issued several policies to stimulate the real estate sector, positively affecting market sentiments. It is thought that scrap prices in the Chinese domestic market will likely edge up in the coming week.
The latest ex-Japan HS scrap tradable price has increased by $5-10/mt over the past week to $380-385/mt CFR, while offers are starting from $390/mt CFR.
$1 = RMB 7.1969