During the week ending October 11, average prices of local steel scrap in the Chinese market have moved on a stable trend, while transaction activity in the overall market has been better than previous week, now at medium levels. Average scrap prices in China's main markets are presented in the table below.
During the long National Holiday (October 1-7), small trading volume of scrap has not affected scrap prices, with scrap prices moving on a stable trend. After the holiday scrap traders are still maintaining a wait-and-see stance, resulting in no change in scrap prices. However, ferrous metal futures prices have seen an overall uptrend after holiday, showing market participants' positive expectations towards the future prospects for the steel market. It is thought that scrap prices in the Chinese market will likely edge up in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,600 |
238 |
0 |
Liupanshui |
1,550 |
231 |
0 |
||
Zhangjiagang |
1,600 |
238 |
0 |
||
Handan |
1,550 |
231 |
0 |
||
Nanchang |
1,580 |
235 |
0 |
||
Anyang |
1,530 |
228 |
0 |
||
Jinan |
1,650 |
246 |
0 |
||
Average |
1,580 |
235 |
0 |
The above prices include 17 percent VAT
$1 = RMB 6.72