Local Chinese steel scrap market mostly moves on stable trend

Tuesday, 19 February 2019 15:24:47 (GMT+3)   |   Shanghai
       

During the week ending February 19, steel scrap prices in the Chinese domestic market have mostly moved on a stable trend, though rising in Tianjin and Jinan, while transaction activity in the overall market has been at low levels. Average scrap prices in China’s main markets are presented in the following table. 

During the given week, due to no improvement in demand, rebar futures prices at Shanghai Futures Exchange have decreased steadily following the rapid rises seen immediately following the Chinese New Year holiday, with these decreases negatively influencing the local scrap market. However, most players in the scrap market are still optimistic regarding the future prospects for the market trend. Demand will likely improve after the Lantern Festival (February 19), which would exert a positive impact on scrap prices. It is expected that scrap prices in the Chinese domestic market will rise slightly in the coming week.

Product Name

Spec.

Origin

Price (RMB/mt)

Price ($/mt)

Weekly Change

(RMB/mt)

HMS scrap

> 6 mm

Tianjin

2,850

421

↑40

Liupanshui

2,470

365

0

Zhangjiagang

2,830

418

0

Handan

2,720

402

0

Nanchang

2,620

387

0

Anyang

2,530

374

0

Jinan

2,785

411

↑75

Average

2,686

397

↑16

 

All prices are ex-warehouse and include 16 percent VAT.

$1 = RMB 6.77


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