During the week ending May 24, local steel scrap prices in the Chinese market have mostly indicated a stable trend, though decreasing in Zhangjiagang, Jiangsu Province, while transaction activity in the market has been at medium-to-low levels. Average scrap prices in China's main markets are presented in the table below.
During the given week, although prices of semi-finished steel and finished steel in China have decreased, steelmakers have continued to purchase sufficient volumes of scrap, thereby providing support for scrap prices. Currently, supply and demand are in equilibrium in the scrap market. However, at the same time, the declines in prices of finished steel and iron ore are exerting some negative pressure on scrap prices. It is thought that scrap prices in the Chinese domestic market will likely move on a downward trend in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,450 |
221 |
↔0 |
Liupanshui |
1,400 |
214 |
↔0 |
||
Zhangjiagang |
1,400 |
214 |
↓100 |
||
Handan |
1,400 |
214 |
↔0 |
||
Nanchang |
1,400 |
214 |
↔0 |
||
Anyang |
1,400 |
214 |
↔0 |
||
Jinan |
1,500 |
229 |
↔0 |
||
Average |
1,421 |
217 |
↓14 |
The above prices include 17 percent VAT
$1 = RMB 6.55