Average scrap prices in the Chinese domestic market have moved on an uptrend compared to the prices recorded on May 6.
Average domestic HMS scrap prices in China are at RMB 2,206/mt ($322/mt) ex-warehouse, increasing by RMB 17/mt on average compared to May 6, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS
|
> 6 mm
|
Tianjin | 2,205 | 322.2 | 10 | 2.1 |
| Liupanshui,Guizhou | 2,085 | 304.7 | 10 | 2.0 | ||
| Nanchang,Jiangxi | 2,245 | 328.1 | 40 | 6.5 | ||
| Handan,Hebei | 2,215 | 323.7 | 10 | 2.1 | ||
| Anyang,Henan | 2,215 | 323.7 | 20 | 3.5 | ||
| Zhangjiagang,Jiangsu | 2,245 | 328.1 | 20 | 3.5 | ||
| Jinan,Shandong | 2,230 | 325.9 | 10 | 2.1 | ||
| Average | 2,206 | 322.3 | 17 | 3.1 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, average scrap prices in the Chinese domestic market have indicated an upward trend amid decreasing inventories due to fewer supplies arriving in the market. Following the Labor Day holiday, downstream users have been seeking to build up stocks of scrap, bolstering prices firmly. At the same time, rebar prices have also moved up, exerting a positive impact on the scrap market. Moreover, iron ore and coke prices have continued to move at relatively high levels, providing support for scrap prices. It is expected that scrap prices in the Chinese domestic market will continue to rise in the coming week.
$1 = RMB 6.8431
