Average scrap prices in the Chinese domestic market have indicated slight declines compared to the prices recorded on July 22, but the declines have been very small and most market sources still assess the market as being stable.
Average domestic HMS scrap prices in China are at RMB 2,125/mt ($313/mt) ex-warehouse, indicating a rise of RMB 3/mt on average compared to July 22, according to SteelOrbis' information.
Average scrap prices in China's main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS
|
> 6 mm
|
Tianjin | 2,185 | 321.8 | 0 | 0.1 |
| Liupanshui,Guizhou | 2,025 | 298.2 | 0 | 0.1 | ||
| Nanchang,Jiangxi | 2,090 | 307.8 | -20 | -2.8 | ||
| Handan,Hebei | 2,175 | 320.3 | 0 | 0.1 | ||
| Anyang,Henan | 2,175 | 320.3 | 0 | 0.1 | ||
| Zhangjiagang,Jiangsu | 2,130 | 313.7 | 0 | 0.1 | ||
| Jinan,Shandong | 2,095 | 308.5 | 0 | 0.1 | ||
| Average | 2,125 | 313.0 | -3 | -0.3 | ||
| 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 amid the prevailing cautious sentiments among market players. Due to the traditional off-season amid the very high summer temperatures, demand for finished steel has been slack, which has exerted a negative impact on the scrap market. Meanwhile, some steelmakers have implemented maintenance works, weakening the demand for scrap. It is thought that scrap prices in the Chinese domestic market will likely soften in the coming week.
$1 = RMB 6.7899
