During the week ending December 1, local steel scrap prices in the Chinese market have continued to move down, 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, the declines in finished steel prices have caused domestic steelmakers to seek lower prices for scrap. Meanwhile, more steelmakers have cut their production activities, thereby resulting in reduced demand for scrap, which in turn also negatively affects prices of scrap. Since oversupply will continue to be observed in the finished steel market against the background of reduced consumption during the winter, steelmakers will continue to exert pressure on scrap prices. It is expected that scrap prices in the Chinese domestic market will continue their downward trend in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,150 |
180 |
↓40 |
Liupanshui |
1,170 |
183 |
↓20 |
||
Zhangjiagang |
1,150 |
180 |
↓30 |
||
Handan |
1,150 |
180 |
↓30 |
||
Nanchang |
1,180 |
184 |
↓20 |
||
Anyang |
1,150 |
180 |
↓30 |
||
Jinan |
1,180 |
184 |
↓20 |
||
Average |
1,161 |
181 |
↓27 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.39