Average scrap prices in the Chinese domestic market have edged up slightly compared to the prices recorded on August 20, though overall sentiments have not improved since prices for major steel products in China have been stable or moving down due to insufficient demand.
Average domestic HMS scrap prices in China are at RMB 2,226/mt ex-warehouse, edging up by RMB 14/mt on average compared to previous week, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,285 | 321.0 | 30 | 5.0 |
| Liupanshui,Guizhou | 2,100 | 295.0 | 25 | 4.2 | ||
| Nanchang,Jiangxi | 2,195 | 308.3 | 0 | 0.7 | ||
| Handan,Hebei | 2,300 | 323.1 | 10 | 2.2 | ||
| Anyang,Henan | 2,265 | 318.2 | 0 | 0.8 | ||
| Zhangjiagang,Jiangsu | 2,185 | 306.9 | 0 | 0.7 | ||
| Jinan,Shandong | 2,255 | 316.8 | 30 | 5.0 | ||
| Average | 2,226 | 312.7 | 14 | 2.6 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have edged up slightly amid the relatively low delivery at the market. Finished steel prices have seen declines in the given week, weakening the support to scrap prices. Since it is approaching to the traditional peak season in September and October, market players expected for better performance in scrap market, which will bolster its prices to a certain degree. It is expected that scrap prices in the Chinese domestic market will gradually move up further in the coming week.
$1 = RMB 7.1108
