During the week ending May 23, local steel scrap market in China has indicated a soft trend, while transaction activity in the overall market has been better than the previous week and is currently at low-to-medium levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, due to the recent environmental protection measures the weakness of demand has continued to negatively impact on the scrap prices in the domestic spot market. However, the domestic finished steel and semi-finished steel have indicated a rising trend, providing a certain degree of support for the scrap prices in the domestic market. Since the unbalanced supply/demand equation in the local Chinese scrap market has not yet improved, it is expected that scrap prices in the Chinese domestic market will likely move sideways in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,550 | 225 | 0 |
Liupanshui | 1,410 | 205 | 0 | ||
Zhangjiagang | 1,670 | 242 | 0 | ||
Handan | 1,700 | 247 | 0 | ||
Nanchang | 1,580 | 229 | ↓10 | ||
Anyang | 1,490 | 216 | 0 | ||
Jinan | 1,670 | 242 | ↓20 | ||
Average | 1,581 | 230 | ↓4 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.89