Average scrap prices in the Chinese domestic market have indicated slight rises compared to the prices recorded on January 28, but in general the market has been rather stable as only some mills have been eager to replenish stocks ahead of the long holiday.
Average domestic HMS scrap prices in China are at RMB 2,161/mt ($310.5) ex-warehouse, increasing by RMB 4/mt ($0.6/mt) on average compared to January 28, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,165 | 311.0 | -10 | -0.3 |
| Liupanshui,Guizhou | 2,055 | 295.2 | 20 | 3.9 | ||
| Nanchang,Jiangxi | 2,150 | 308.9 | 0 | 1.1 | ||
| Handan,Hebei | 2,185 | 313.9 | -10 | -0.3 | ||
| Anyang,Henan | 2,185 | 313.9 | 0 | 1.1 | ||
| Zhangjiagang,Jiangsu | 2,225 | 319.6 | 30 | 5.4 | ||
| Jinan,Shandong | 2,160 | 310.3 | 0 | 1.1 | ||
| Average | 2,161 | 310.4 | 4 | 1.7 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have fluctuated within a limited range amid increasing inventories. Some steelmakers still need to build up scrap stocks, which has bolstered scrap prices to a certain degree. Since the Chinese New Year holiday (February 14-23) is approaching, demand for steel has been slack, which will negatively affect the demand for scrap. It is thought that scrap prices in the Chinese domestic market will likely move sideways in the coming week.
$1 = RMB 6.9533
