During the week ending May 10, local steel scrap prices in the Chinese market have indicated an overall downtrend, while transaction activity in the market is now at low levels, having continued to slacken. Average scrap prices in China's main markets are presented in the table below.
During the given week, declines in domestic finished steel prices have forced Chinese steelmakers to decrease their purchase prices for raw materials, including scrap. Meanwhile, iron ore prices have indicated sharp decreases, negatively affecting the scrap market. It is thought that scrap prices in the Chinese domestic market will likely continue their downward movement in the coming week as speculative purchasing activity in the ferrous metal markets has come to an end and as bearish sentiment now prevails.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,500 |
230 |
↓150 |
Liupanshui |
1,450 |
222 |
↓170 |
||
Zhangjiagang |
1,550 |
238 |
↓230 |
||
Handan |
1,450 |
222 |
↓170 |
||
Nanchang |
1,450 |
222 |
↓210 |
||
Anyang |
1,450 |
222 |
↓250 |
||
Jinan |
1,550 |
238 |
↓250 |
||
Average |
1,486 |
228 |
↓204 |
The above prices include 17 percent VAT
$1 = RMB 6.52