During the week ending January 16, steel scrap prices in the Chinese market have moved down, 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 table below.
During the given week, Jiangsu-based Chinese steelmaker Shagang Group has reduced its scrap purchase prices by a total of RMB 190/mt ($29.5/mt), impacting sentiment in the domestic scrap market. Meanwhile, semi-finished steel and finished steel prices moved down further, also negatively affecting scrap prices. Approaching the Chinese New Year holiday (February 15-21), steelmakers are more willing to build up scrap inventories and this will likely provide some support for scrap prices. It is thought that scrap prices in the Chinese domestic market will move sideways in the coming week.
|
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
|
HMS scrap |
> 6 mm |
Tianjin |
2,400 |
373 |
↓90 |
|
Liupanshui |
2,050 |
318 |
↓30 |
||
|
Zhangjiagang |
2,450 |
380 |
↓150 |
||
|
Handan |
2,310 |
359 |
↓180 |
||
|
Nanchang |
2,320 |
360 |
↓155 |
||
|
Anyang |
2,320 |
360 |
↓155 |
||
|
Jinan |
2,400 |
373 |
↓130 |
||
|
Average |
2,321 |
360 |
↓127 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.44