During the week ending February 14, average prices of local steel scrap in the Chinese market have mostly indicated a rising trend, though prices in some regions have moved sideways, while transaction activity in the overall market has improved and is now at low-to-medium levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, amid significant increases in finished steel and iron ore prices in China, scrap prices in the Chinese domestic market have mostly followed an upward trend. Scrap offer prices have increased in most regions, though scrap suppliers in some other regions have been maintaining a wait-and-see stance, keeping their offer prices stable for the time being. At the same time, market confidence has still not fully recovered since the authorities shut down many intermediate frequency melting furnaces. However, against the backdrop of the recent improvement in sentiment, it is expected 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 | 1,950 | 269 | ↑100 |
Liupanshui | 1,730 | 251 | 0 | ||
Zhangjiagang | 1,820 | 265 | 0 | ||
Handan | 1,850 | 265 | ↑30 | ||
Nanchang | 1,800 | 254 | ↑50 | ||
Anyang | 1,750 | 254 | 0 | ||
Jinan | 1,900 | 270 | ↑40 | ||
Average | 1,571 | 261 | ↓225 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.87