During the week ending February 2, local steel scrap prices in the Chinese market have moved on a stable 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 table below.
During the given week, Chinese steelmakers have slowed down their purchasing activities for scrap, resulting in very quiet activity in the domestic scrap market. Despite this quiet activity, scrap prices have followed a stable trend. It is expected that scrap prices in the Chinese domestic market will continue their stable movement in the week ahead as it is the final trading week before the Chinese New Year (February 8-14), while most traders have already left the scrap market ahead of the holiday.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,110 | 169 | 0 |
Liupanshui | 1,170 | 178 | 0 | ||
Zhangjiagang | 1,140 | 173 | 0 | ||
Handan | 1,100 | 167 | 0 | ||
Nanchang | 1,120 | 170 | 0 | ||
Anyang | 1,100 | 167 | 0 | ||
Jinan | 1,140 | 173 | 0 | ||
Average | 1,126 | 171 | 0 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.58