During the week ending October 25, 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 eager to conclude purchases of scrap, resulting in good activity in the domestic scrap market. Sellers in the scrap market are confident as regards the future prospects for the market and so for the moment they have been limiting their sales activities to a certain extent, thereby providing support for scrap prices. It is thought that scrap prices in the Chinese domestic market will likely edge up further in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,690 | 250 | ↑50 |
Liupanshui | 1,670 | 247 | ↑50 | ||
Zhangjiagang | 1,700 | 251 | ↑50 | ||
Handan | 1,670 | 247 | ↑50 | ||
Nanchang | 1,650 | 244 | ↑50 | ||
Anyang | 1,650 | 244 | ↑50 | ||
Jinan | 1,730 | 256 | ↑50 | ||
Average | 1,680 | 248 | ↑50 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.77