Average scrap prices in the Chinese domestic market have edged down slightly compared to the prices recorded on March 5 due to declines in the steel market and sufficient scrap inventories at mills.
Average domestic HMS scrap prices in China are at RMB 2,226/mt ex-warehouse, decreasing by RMB 16/mt on average compared to the previous week, 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 scrap |
> 6 mm | Tianjin | 2,350 | 327.6 | -20 | -2.8 |
| Liupanshui,Guizhou | 2,130 | 296.9 | -45 | -6.3 | ||
| Nanchang,Jiangxi | 2,140 | 298.3 | 0 | 0.0 | ||
| Handan,Hebei | 2,340 | 326.2 | 10 | 1.4 | ||
| Anyang,Henan | 2,225 | 310.1 | -20 | -2.8 | ||
| Zhangjiagang,Jiangsu | 2,160 | 301.1 | -35 | -4.9 | ||
| Jinan,Shandong | 2,235 | 311.5 | 0 | 0.0 | ||
| Average | 2,226 | 310.2 | -16 | -2.2 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have edged down amid the slightly increasing inventory levels on the steelmakers’ side. Recently, billet and finished steel prices have decreased and so steelmakers have reduced purchase prices for scrap, aiming to reduce costs and improve efficiency. However, some tightness of scrap supply may bolster prices in the near future. It is thought that scrap prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
$1 = RMB 7.1696