During the week ending August 30, local steel scrap prices in the Chinese market have indicated a stable trend, while transaction activity in the overall market has been slacker, now at low levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, traders were reluctant to sell at low prices though some steel enterprises tried to lower their purchase prices of scrap and thus slackened the overall transaction activity in the market. Meanwhile, the bearish sentiment in domestic finished steel market is expected to exert downward pressure on scrap prices. It is thought that scrap prices in the Chinese domestic market will likely continue the stable trend in the coming week.
| Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| HMS scrap | > 6 mm | Tianjin | 1.650 | 247 | 0 |
| Liupanshui | 1.580 | 237 | 0 | ||
| Zhangjiagang | 1.680 | 251 | 0 | ||
| Handan | 1.580 | 237 | 0 | ||
| Nanchang | 1.600 | 240 | 0 | ||
| Anyang | 1.570 | 235 | 0 | ||
| Jinan | 1.670 | 250 | 0 | ||
| Average | 1.619 | 242 | 0 |
The above prices include 17 percent VAT
$1 = RMB 6.68