During the week ending October 18, average prices of local steel scrap in the Chinese market have increased, while transaction activity in the overall market has been at decent levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, Chinese steelmakers have been seeking to step up their production activities amid the rising trend of finished steel prices, resulting in good demand for scrap and rises in scrap prices. Good expectations for the traditional peak season for business has boosted sentiment in the market as regards the prospects for the coming period. It is thought that scrap prices in the Chinese domestic market will likely continue their rising trend in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,640 | 243 | ↑40 |
Liupanshui | 1,620 | 240 | ↑70 | ||
Zhangjiagang | 1,650 | 245 | ↑50 | ||
Handan | 1,620 | 240 | ↑70 | ||
Nanchang | 1,600 | 237 | ↑20 | ||
Anyang | 1,600 | 237 | ↑70 | ||
Jinan | 1,680 | 249 | ↑30 | ||
Average | 1,630 | 242 | ↑50 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.74