Average scrap prices in the Chinese domestic market have moved sideways compared to the prices recorded on December 31 with some cautious positive sentiments prevailing.
Average domestic HMS scrap prices in China are at RMB 2,130/mt ex-warehouse, remaining stable on average compared to December 31, 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 | 2,175 | 310.0 | 0 | 0.8 |
| Liupanshui,Guizhou | 1,990 | 283.6 | 0 | 0.7 | ||
| Nanchang,Jiangxi | 2,130 | 303.5 | 0 | 0.8 | ||
| Handan,Hebei | 2,185 | 311.4 | 0 | 0.8 | ||
| Anyang,Henan | 2,140 | 305.0 | 0 | 0.8 | ||
| Zhangjiagang,Jiangsu | 2,140 | 305.0 | 0 | 0.8 | ||
| Jinan,Shandong | 2,150 | 306.4 | 0 | 0.8 | ||
| Average | 2,130 | 303.5 | 0 | 0.8 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have remained stable as EAF-based steelmakers have been willing to produce, exerting a positive impact on the demand for scrap. In particular, those steelmakers with low inventories of scrap have been seeking to build up stocks. However, demand for steel has been slack during the traditional cold winter offseason, resulting in a lack of confidence as regards the future prospects for the steel market. Inventories of scrap held by steelmakers in some regions have increased faster than expected, negatively affecting scrap prices. It is thought that scrap prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
$1 = RMB 7.0187
