During the week ending November 21, steel scrap prices in the Chinese market have mostly increased, though remaining stable in Tianjin. 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, although steel producers in northern China have started to implement production cuts, demand for scrap has not decreased yet and so solid support still exists for scrap prices for the moment. However, demand for scrap will eventually decrease and thereby exert negative pressure on 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 |
2,080 |
314 |
0 |
|
Liupanshui |
1,700 |
256 |
↑120 |
||
|
Zhangjiagang |
2,270 |
342 |
↑60 |
||
|
Handan |
2,080 |
314 |
↑60 |
||
|
Nanchang |
2,030 |
306 |
↑60 |
||
|
Anyang |
2,010 |
303 |
↑60 |
||
|
Jinan |
2,135 |
322 |
↑25 |
||
|
Average |
2,044 |
308 |
↑55 |
All prices are ex-warehouse and include 17 percent VAT.
$1 = RMB 6.63