During the week ending June 20, the Chinese scrap market has indicated some fluctuations in prices. In some regions, domestic scrap prices have remained unchanged, while scrap prices in northern China have increased slightly, with scrap prices in Nanchang in the province of Jiangxi followed a downward trend. As of June 20, the average scrap price in the main Chinese markets is unchanged week on week at RMB 3,131/mt ($497/mt). Local scrap prices in China can be viewed in the SteelOrbis price reports section.
The rebound in billet prices has contributed to the slight increase in scrap prices in northern China, while scrap prices in Nanchang have decreased further due to the reduced volume of orders. Currently, many steel mills are trying to reduce their scrap purchase prices, while low scrap tonnages have been transacted due to the lack of enthusiasm of suppliers.
Further fluctuations are expected to be seen in the Chinese scrap market in the coming week.