During the week ending February 26, steel scrap prices in the Chinese domestic market have mostly moved on a stable trend, though indicating declines in Anyang and Jinan, while transaction activity in the overall market has been at low-to-medium levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, players in the domestic steel scrap market have resumed business following the holiday, resulting in some improvement in transaction activities. However, some users have lowered their consumption of scrap due to the high cost, exerting a negative influence on demand. Recently, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up, pushing up billet prices, and so scrap traders have been expecting higher prices for scrap. Nevertheless, a genuine recovery of demand from downstream users has not yet been seen. It is expected that scrap prices in the Chinese domestic market will edge up 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 |
425 |
0 |
|
Liupanshui |
2,470 |
369 |
0 |
||
|
Zhangjiagang |
2,830 |
422 |
0 |
||
|
Handan |
2,720 |
406 |
0 |
||
|
Nanchang |
2,620 |
391 |
0 |
||
|
Anyang |
2,520 |
376 |
↓10 |
||
|
Jinan |
2,750 |
410 |
↓35 |
||
|
Average |
2,680 |
400 |
↓6 |
All prices are ex-warehouse and include 16 percent VAT.
$1 = RMB 6.70