During the week ending June 11, steel scrap prices in the Chinese domestic market have moved on diverse trends, 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, Chinese steelmakers have concluded scrap purchases only in line with their needs, with bearish sentiment prevailing in the scrap market. Scrap inventories held by steelmakers have declined slightly. Meanwhile, iron ore prices have gained support from the big rises seen in iron ore futures prices at Dalian Commodity Exchange (DCE), and this will in turn provide some support for scrap prices. It is expected 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 |
2,690 |
389 |
0 |
|
Liupanshui |
2,555 |
370 |
↓20 |
||
|
Zhangjiagang |
2,670 |
386 |
0 |
||
|
Handan |
2,630 |
381 |
0 |
||
|
Nanchang |
2,500 |
362 |
↓20 |
||
|
Anyang |
2,540 |
368 |
↑20 |
||
|
Jinan |
2,690 |
389 |
↑20 |
||
|
Average |
2,611 |
378 |
0 |
All prices are ex-warehouse and include 13 percent VAT.
$1 = RMB 6.91