During the week ending November 17, local steel scrap prices in the Chinese market have indicated a downward trend, while transaction activity in the overall market has been at low levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, domestic steelmakers have still been unwilling to purchase scrap, dragging down scrap prices. Meanwhile, it is thought that Chinese steelmakers will continue to exert pressure on prices of raw materials prices, including scrap and iron ore. Recently, domestic finished steel prices, especially in northern China, have been indicating downward movement, which has negatively affected scrap prices. It is thought that scrap prices in the Chinese domestic market will likely continue their downtrend in the coming week, though with smaller decreases anticipated.
| Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| HMS scrap | > 6 mm | Tianjin | 1,240 | 194 | ↓20 |
| Liupanshui | 1,240 | 194 | ↓20 | ||
| Zhangjiagang | 1,220 | 191 | ↓20 | ||
| Handan | 1,210 | 190 | ↓20 | ||
| Nanchang | 1,220 | 191 | ↓20 | ||
| Anyang | 1,200 | 188 | ↓20 | ||
| Jinan | 1,220 | 191 | ↓30 | ||
| Average | 1,221 | 196 | ↓22 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.38