Average scrap prices in the Chinese domestic market have fluctuated within a limited range compared to the prices recorded on August 5.
Average domestic HMS scrap prices in China are at RMB 2,113/mt ($311.3/mt) ex-warehouse, indicating a rise of RMB 6/mt on average compared to August 5, according to SteelOrbis' information.
Average scrap prices in China's main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS
|
> 6 mm
|
Tianjin | 2,195 | 323.4 | 10 | 1.5 |
| Liupanshui,Guizhou | 2,005 | 295.4 | 0 | 0.0 | ||
| Nanchang,Jiangxi | 2,110 | 310.8 | 20 | 3.0 | ||
| Handan,Hebei | 2,150 | 316.7 | 0 | 0.0 | ||
| Anyang,Henan | 2,130 | 313.8 | 0 | 0.0 | ||
| Zhangjiagang,Jiangsu | 2,110 | 310.8 | 0 | 0.0 | ||
| Jinan,Shandong | 2,090 | 307.9 | 10 | 1.5 | ||
| Average | 2,113 | 311.3 | 6 | 0.9 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, average scrap prices in the Chinese domestic market have fluctuated within a limited range. Steelmakers have remained under pressure due to the high summer temperatures affecting demand from end-users. Coke prices have moved down, dragging down the production costs of molten iron and eroding the cost-performance advantage of scrap, which has curbed the demand for scrap. Meanwhile, heavy rains caused by Typhoon Dolphin have exerted a negative impact on scrap recycling, resulting in a tight balance between supply and demand. It is thought that scrap prices in the Chinese domestic market will soften in the coming week.
$1 = RMB 6.7882
