Triggered by the rebounds in global iron ore prices and in semi-finished steel prices in Hebei Province, steel scrap prices in the northern region of China have moved up slightly. However, with no recovery in buying activity, prices of steel scrap have remained unchanged in most regions of the country. Market players indicate that, while the domestic steel market is now on an uptrend for the most part, it is still uncertain whether scrap prices in China will improve in the coming period.
Chinese steel scrap market mostly moves sideways
During the week ending September 18, steel scrap prices in most local Chinese markets have followed a sideways trend, though an increase of $9/mt has been seen in Tianjin, with a decrease of $6/mt in Nanchang. At present, the average heavy melting scrap (HMS) price in China stands at RMB 2,611/mt ($413/mt). Local steel scrap prices in China can be viewed in the SteelOrbis price reports section.