During the week ending December 27, local steel scrap prices in the Chinese market have moved on a stable trend, 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, traders in the local Chinese scrap market have reduced scrap supply, while steelmakers have tried to force down scrap purchasing prices in the market, resulting in a stable movement in the local Chinese scrap market. Meanwhile, finished steel prices and iron ore prices have indicated downward corrections, which are expected to exert negative pressure on scrap prices in the spot market. It is thought that scrap prices in the Chinese domestic market may indicate a downtrend in the week ahead.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,850 | 266 | 0 |
Liupanshui | 1,730 | 249 | 0 | ||
Zhangjiagang | 1,880 | 271 | 0 | ||
Handan | 1,820 | 262 | 0 | ||
Nanchang | 1,750 | 252 | 0 | ||
Anyang | 1,780 | 256 | 0 | ||
Jinan | 1,900 | 273 | 0 | ||
Average | 1,816 | 261 | 0 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.95