As of May 21, steel scrap prices in the Chinese domestic market have mostly declined on week-on-week basis, though remaining stable in Tianjin and Liupanshui, 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 following table.
Scrap prices first declined in the given week as major Chinese steelmaker Shagang Group reduced its purchase prices for scrap, which exerted a negative impact on scrap prices in the market. However, scrap prices rose later in the given week due to the rebounding trend seen in ferrous metal futures prices in China, while some steelmakers with low scrap inventories raised their scrap purchase prices slightly. Major steelmakers’ scrap inventories have increased this week, while the firm trend of coke and iron ore prices will bolster scrap prices. It is expected that scrap prices in the Chinese domestic market will 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 |
2,710 |
392 |
0 |
|
Liupanshui |
2,540 |
368 |
0 |
||
|
Zhangjiagang |
2,670 |
386 |
↓20 |
||
|
Handan |
2,600 |
376 |
↓10 |
||
|
Nanchang |
2,530 |
366 |
↓20 |
||
|
Anyang |
2,520 |
365 |
↓30 |
||
|
Jinan |
2,670 |
386 |
↓30 |
||
|
Average |
2,606 |
377 |
↓16 |
All prices are ex-warehouse and include 13 percent VAT.
$1 = RMB 6.91