During the week ending November 24, local steel scrap prices in the Chinese market have continued their downward trend, while transaction activity in the overall market is at low levels, having slackened compared to the previous week. Average scrap prices in China’s main markets are presented in the following table.
Colder temperatures and snowy weather have negatively affected transaction activity and prices in the Chinese domestic scrap market, while further drops in temperature are predicted for the coming week. Meanwhile, the declining trend in finished steel prices has caused steelmakers to lower their purchase prices for scrap. At the same time, the decreases in iron ore prices will are expected to exert a negative influence on scrap prices. It is thought that scrap prices in the Chinese domestic market will likely continue their downward movement in the week ahead.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,190 |
186 |
↓50 |
Liupanshui |
1,190 |
186 |
↓50 |
||
Zhangjiagang |
1,180 |
185 |
↓40 |
||
Handan |
1,180 |
185 |
↓30 |
||
Nanchang |
1,200 |
188 |
↓20 |
||
Anyang |
1,180 |
185 |
↓20 |
||
Jinan |
1,200 |
188 |
↓20 |
||
Average |
1,189 |
186 |
↓32 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.39