Average scrap prices in the Chinese domestic market have seen slight declines compared to the prices recorded on October 29.
Average domestic HMS scrap prices in China are at RMB 2,176/mt ex-warehouse, decreasing by RMB 9/mt on average compared to October 29, 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 | 2,185 | 308.2 | -10 | -1.5 |
| Liupanshui,Guizhou | 2,055 | 289.9 | -20 | -2.9 | ||
| Nanchang,Jiangxi | 2,130 | 300.5 | 0 | -0.1 | ||
| Handan,Hebei | 2,245 | 316.7 | -45 | -6.5 | ||
| Anyang,Henan | 2,215 | 312.5 | 0 | -0.1 | ||
| Zhangjiagang,Jiangsu | 2,235 | 315.3 | 10 | 1.3 | ||
| Jinan,Shandong | 2,165 | 305.4 | 0 | -0.1 | ||
| Average | 2,176 | 306.9 | -9 | -1.4 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given period, scrap prices in the Chinese domestic market have edged down slightly. Currently, the demand for finished steel has been slack, negatively affecting the scrap market. The sales of finished steel have been at low levels, exerting a negative impact on scrap market. Moreover, iron ore prices have also seen declines, weakening support to market sentiments. The downtrend in the global financial market on November 5 casted a shadow over the scrap market. It is expected that scrap prices in the Chinese domestic market will edge down further in the coming week.
$1 = RMB 7.091
