Average scrap prices in the Chinese domestic market have indicated slight decreases compared to the prices recorded on October 22.
Average domestic HMS scrap prices in China are at RMB 2,185/mt ex-warehouse, edging down by RMB 7/mt on average compared to October 22, 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 | 2,195 | 309.8 | 0 | 0.3 |
| Liupanshui,Guizhou | 2,075 | 292.8 | 0 | 0.3 | ||
| Nanchang,Jiangxi | 2,130 | 300.6 | 0 | 0.3 | ||
| Handan,Hebei | 2,290 | 323.2 | -20 | -2.5 | ||
| Anyang,Henan | 2,215 | 312.6 | -50 | -6.7 | ||
| Zhangjiagang,Jiangsu | 2,225 | 314.0 | 20 | 3.1 | ||
| Jinan,Shandong | 2,165 | 305.5 | 0 | 0.3 | ||
| Average | 2,185 | 308.4 | -7 | -0.7 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given period, scrap prices in the Chinese domestic market have mostly remained stable, while moving down in Handan, Hebei province and Anyang, Henan province. The scrap resources arriving at the market declined in the given week, providing certain support to the prices. However, the consumption for scrap decreased, exerting a negative impact on its prices. Inventories of scrap on steelmakers’ side have been at relatively low levels, bolstering its prices to a certain degree. Demand for finished steel hasn’t seen significant improvement, which will exert a negative impact on scrap prices. China-US relations are expected to ease to a certain degree as the President of China, Xi Jinping will hold a meeting with the US President Trump in Busan, South Korea, on October 30, which will positively affect market sentiments. It is thought that scrap prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
$1 = RMB 7.0843
