Local Chinese scrap market moves sideways despite slack activity

Tuesday, 17 January 2017 14:11:34 (GMT+3)   |   Shanghai
       

During the week ending January 17, average prices of local steel scrap in the Chinese market have indicated a stable trend, 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, the Chinese authorities have shut down many intermediate frequency melting furnaces, resulting in reduced demand and slack transaction activity for scrap. However, the sharp rises in ferrous metal futures prices in China during the past few days have provided some support for scrap prices, enabling them to move on a stable trend. As the Chinese New Year holiday is approaching, market players are not positive as regards the prospects for the price trend in the scrap market. It is thought that scrap prices in the Chinese domestic market will likely move sideways in the coming week amid slacker demand.

 

Product Name

Spec.

Origin

Price (RMB/mt)

Price ($/mt)

Weekly Change (RMB/mt)

HMS scrap

> 6 mm

Tianjin

1,850

270

0

Liupanshui

1,730

252

0

Zhangjiagang

1,820

265

0

Handan

1,820

265

0

Nanchang

1,750

255

0

Anyang

1,750

255

0

Jinan

1,860

271

0

Average

1,797

262

0

All prices are ex-warehouse and include 17 percent VAT.
 
$1 = RMB 6.86


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