Average scrap prices in the Chinese domestic market have edged up slightly compared to the prices recorded on July 2 mainly amid higher futures prices and slow supply, but, since demand is also poor, it is unlikely that prices will increase more.
Average domestic HMS scrap prices in China are at RMB 2,166/mt ex-warehouse, edging up by RMB 11/mt ($1.5/mt) on average compared to the previous week, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,265 | 316.7 | 10 | 1.4 |
| Liupanshui,Guizhou | 2,040 | 285.2 | 20 | 2.8 | ||
| Nanchang,Jiangxi | 2,070 | 289.4 | 0 | 0.0 | ||
| Handan,Hebei | 2,255 | 315.3 | 20 | 2.8 | ||
| Anyang,Henan | 2,160 | 302.0 | 0 | 0.0 | ||
| Zhangjiagang,Jiangsu | 2,160 | 302.0 | 0 | 0.0 | ||
| Jinan,Shandong | 2,215 | 309.7 | 25 | 3.5 | ||
| Average | 2,166 | 302.9 | 11 | 1.5 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have seen slight rises amid increasing ferrous metal futures prices. Due to the high temperatures in China, scrap supplies arriving in the market have been limited, bolstering prices to a certain degree. However, the traditional off-season for steel industry is continuing and scrap prices are unlikely to rebound further. It is thought that scrap prices in the Chinese domestic market will move sideways in the coming week.
$1 = RMB 7.1541