Average scrap prices in the Chinese domestic market have edged down slightly compared to the prices recorded on March 25.
Average domestic HMS scrap prices in China are at RMB 2,196/mt ($317.3/mt) ex-warehouse, edging down by RMB 9/mt on average compared to March 25, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,235 | 323.0 | -10 | -2.6 |
| Liupanshui,Guizhou | 2,075 | 299.9 | 0 | -1.1 | ||
| Nanchang,Jiangxi | 2,205 | 318.7 | 0 | -1.2 | ||
| Handan,Hebei | 2,215 | 320.1 | -10 | -2.6 | ||
| Anyang,Henan | 2,195 | 317.2 | -20 | -4.1 | ||
| Zhangjiagang,Jiangsu | 2,245 | 324.5 | -10 | -2.6 | ||
| Jinan,Shandong | 2,200 | 318.0 | -10 | -2.6 | ||
| Average | 2,196 | 317.3 | -9 | -2.4 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have seen slight declines amid the increasing supplies arriving in the market and rising inventories. Scrap supplies arriving in the market are expected to increase further in the coming period, which will exert a negative impact on prices. On March 27, Jiangsu-based Shagang Group announced a RMB 30/mt ($7.2/mt) decline in its scrap purchase price, reflecting bearish sentiments as regards the future prospects for the scrap market.
Some steelmakers plan to implement maintenance works in the coming week, which may reduce demand for scrap and weaken the support for prices. It is expected that scrap prices in the Chinese domestic market will soften in the coming week.
$1 = RMB 6.9025
