Average scrap prices in the Chinese domestic market have seen very limited fluctuations in the past week, with only slight decreases compared to the prices recorded on March 19, but, since prices have already fallen a lot, some slight upturn is expected.
Average domestic HMS scrap prices in China are at RMB 2,224/mt ex-warehouse, decreasing by RMB1/mt on average compared to 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 |
Price |
Weekly change |
Weekly change |
HMS scrap |
> 6 mm |
Tianjin | 2,360 | 328.7 | 30 | 3.9 |
| Liupanshui,Guizhou | 2,110 | 293.9 | -20 | -3.0 | ||
| Nanchang,Jiangxi | 2,130 | 296.7 | -20 | -3.0 | ||
| Handan,Hebei | 2,340 | 326.0 | 0 | -0.3 | ||
| Anyang,Henan | 2,185 | 304.4 | -20 | -3.0 | ||
| Zhangjiagang,Jiangsu | 2,195 | 305.8 | 10 | 1.1 | ||
| Jinan,Shandong | 2,245 | 312.7 | 10 | 1.1 | ||
| Average | 2,224 | 309.7 | -1 | -0.5 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices have fluctuated within a limited range. Inventories of finished steel have decreased, while cautious sentiments still prevailed among market players over the past week. Since scrap prices decreased too sharply previously, some scrap suppliers have been unwilling to sell, aiming to increase prices to a certain degree.
Some steelmakers have implemented production cuts in the given week, bolstering market sentiments. The arrival of scrap supplies in the market has decreased, exerting a positive impact on prices. It is thought that scrap prices in the Chinese domestic market will likely edge up in the coming week.
$1 = RMB 7.1754