As of October 16, steel scrap prices in the Chinese domestic market have increased week on week, while transaction activity in the overall market has been at medium levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, ongoing shortages of scrap have provided support for prices. Meanwhile, Chinese ferrous metal futures prices have edged up over the given week, exerting a positive impact on scrap prices. Currently, some steelmakers are still willing to build up their inventories, which will bolster domestic scrap prices. Moreover, steelmakers are willing to produce due to high profitability, resulting in good demand for scrap. It is thought that scrap prices in the Chinese domestic market will edge up further in the coming week.
|
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
|
HMS scrap |
> 6 mm |
Tianjin |
2,880 |
416 |
↑40 |
|
Liupanshui |
2,670 |
386 |
↑60 |
||
|
Zhangjiagang |
2,850 |
412 |
↑55 |
||
|
Handan |
2,850 |
412 |
↑50 |
||
|
Nanchang |
2,970 |
429 |
↑70 |
||
|
Anyang |
2,550 |
368 |
↑30 |
||
|
Jinan |
2,680 |
387 |
↑10 |
||
|
Average |
2,779 |
402 |
↑45 |
All prices are ex-warehouse and include 16 percent VAT.
$1 = RMB 6.92