During the week ending November 20, steel scrap prices in the Chinese domestic market have mostly moved on a decreasing trend, 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.
During the given week, finished steel prices have moved down, exerting a negative impact on scrap prices. Market participants in steel scrap market have been cautious towards prospect for the future market. Moreover, steelmakers have been willing to lower purchasing cost for scrap to ensure their own profitability. Meanwhile, ferrous metal futures prices have moved down, negatively affecting the scrap market. It is expected that scrap prices in the Chinese domestic market will edge down in the coming week.
|
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
|
HMS scrap |
> 6 mm |
Tianjin |
2,760 |
398 |
↓35 |
|
Liupanshui |
2,575 |
371 |
↓35 |
||
|
Zhangjiagang |
2,740 |
395 |
↓55 |
||
|
Handan |
2,710 |
390 |
↓60 |
||
|
Nanchang |
2,670 |
385 |
0 |
||
|
Anyang |
2,575 |
371 |
↓25 |
||
|
Jinan |
2,550 |
367 |
↓120 |
||
|
Average |
2,654 |
382 |
↓47 |
All prices are ex-warehouse and include 16 percent VAT.
$1 = RMB 6.94