Average scrap prices in the Chinese domestic market have fluctuated within a limited range compared to the prices recorded on August 13.
Average domestic HMS scrap prices in China are at RMB 2,213/mt ex-warehouse, edging down by RMB 2/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 | 2,255 | 316.0 | 0 | 0.3 |
| Liupanshui,Guizhou | 2,075 | 290.8 | 0 | 0.2 | ||
| Nanchang,Jiangxi | 2,195 | 307.6 | 15 | 2.4 | ||
| Handan,Hebei | 2,290 | 320.9 | -10 | -1.1 | ||
| Anyang,Henan | 2,265 | 317.4 | 0 | 0.3 | ||
| Zhangjiagang,Jiangsu | 2,185 | 306.2 | -20 | -2.5 | ||
| Jinan,Shandong | 2,225 | 311.8 | 0 | 0.3 | ||
| Average | 2,213 | 310.1 | -2 | 0.0 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have fluctuated within a limited range amid the support from other raw materials prices. Coke and coking coal prices have moved up, pushing up steelmakers’ production costs, which also bolstered scrap prices. However, Chinese major steelmaker Jiangsu-based Shagang Group, announced a RMB 30/mt ($4.2/mt) cut in its scrap purchase price on August 19, signaling bearish sentiments as regards the future prospects for the scrap market. It is thought that scrap prices in the Chinese domestic market will edge down slightly in the coming week.
$1 = RMB 7.1384