During the week ending April 2, steel scrap prices in the Chinese domestic market have moved on a decreasing trend, 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, the soft trend seen in semi-finished steel and finished steel prices in China has exerted a negative impact on the domestic scrap market. The reduction in value-added tax has also weakened the support for scrap prices, though at the same time steelmakers have stepped up their purchases of scrap. Traders in the scrap market have been willing to reduce their sales prices to bring in cash and avoid potential risks. It is expected that scrap prices in the Chinese domestic market will edge up in the coming week due to the anticipated improvement in better demand.
|
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
|
HMS scrap |
> 6 mm |
Tianjin |
2,640 |
393 |
↓155 |
|
Liupanshui |
2,490 |
371 |
↓85 |
||
|
Zhangjiagang |
2,630 |
391 |
↓130 |
||
|
Handan |
2,580 |
384 |
↓120 |
||
|
Nanchang |
2,510 |
374 |
↓100 |
||
|
Anyang |
2,350 |
350 |
↓85 |
||
|
Jinan |
2,600 |
387 |
↓115 |
||
|
Average |
2,543 |
378 |
↓113 |
All prices are ex-warehouse and include 16 percent VAT.
$1 = RMB 6.72