During the week ending October 27, local steel scrap prices in the Chinese market have mostly indicated a stable trend, though following a declining trend in Zhangjiagang, while transaction activity in the overall market has been at decent levels. Average scrap prices in China's main markets are presented in the table below.
During the given week, Jiangsu Province-based major steel producer Shagang lowered its purchase prices for scrap, exerting a negative impact on scrap prices in Zhangjiagang and surrounding areas. Shagang's price adjustment will likely be followed by other steelmakers, which will negatively affect scrap prices in the domestic market in the coming period. Meanwhile, iron ore prices have recently indicated a slight softening, also exerting a negative influence on scrap prices. It is thought that scrap prices in the Chinese market will likely move on a slight downtrend in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,330 |
209 |
0 |
Liupanshui |
1,280 |
202 |
0 |
||
Zhangjiagang |
1,240 |
195 |
↓40 |
||
Handan |
1,300 |
205 |
0 |
||
Nanchang |
1,280 |
202 |
0 |
||
Anyang |
1,250 |
197 |
0 |
||
Jinan |
1,280 |
202 |
0 |
||
Average |
1,280 |
202 |
↓6 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.35