During the week ending January 10, average steel scrap prices in the Chinese market have declined slightly, though local steel scrap prices have remained stable in some regions, while transaction activity in the overall market has been at low levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, China has initiated investigations in relation to intermediate frequency melting furnaces, which have exerted a negative impact on the local steel scrap market. Overall procurement of scrap has slowed down and transaction activities have slackened, contributing to the soft trend of scrap prices in some regions. As prices of other steelmaking raw materials have indicated a stable trend, it is thought that steel scrap prices in the Chinese domestic market will likely move sideways in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,850 | 267 | 0 |
Liupanshui | 1,730 | 250 | 0 | ||
Zhangjiagang | 1,820 | 263 | ↓20 | ||
Handan | 1,820 | 263 | 0 | ||
Nanchang | 1,750 | 253 | 0 | ||
Anyang | 1,750 | 253 | ↓30 | ||
Jinan | 1,860 | 269 | ↓20 | ||
Average | 1,797 | 260 | ↓10 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.92