During the week ending May 12, local steel scrap prices in the Chinese market have moved on a stable trend, while transaction activity in the overall market has improved compared to the previous week and is now at decent levels. Average scrap prices in the local Chinese market are presented in the following table.
During the given week, the rebound seen in iron ore prices and the stable movement of domestic semi-finished steel prices have contributed to the stability of scrap prices in China. However, market participants currently hold diverse views regarding the future prospects for the market, with some showing optimism as they think that the rebound in iron ore prices and the improvement in demand will help push up scrap prices in the future, while others hold a pessimistic view as they consider that the scrap market is still characterized by oversupply. It is expected that scrap prices in the Chinese domestic market will continue to move on a stable trend in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,600 |
258 |
0 |
Liupanshui |
1,630 |
262 |
0 |
||
Zhangjiagang |
1,550 |
250 |
0 |
||
Handan |
1,600 |
258 |
0 |
||
Nanchang |
1,520 |
245 |
0 |
||
Anyang |
1,550 |
250 |
0 |
||
Jinan |
1,550 |
250 |
0 |
||
Average |
1,571 |
253 |
0 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.21