Average scrap prices in the Chinese domestic market have been almost stable compared to the prices recorded on July 23, with only tiny gains in some regions.
Average domestic HMS scrap prices in China are at RMB 2,217/mt ex-warehouse, edging up by RMB 6/mt ($0.8/mt) on average compared to the previous week, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,275 | 318.1 | -25 | -3.8 |
| Liupanshui,Guizhou | 2,070 | 289.4 | -20 | -3.0 | ||
| Nanchang,Jiangxi | 2,140 | 299.2 | 20 | 2.5 | ||
| Handan,Hebei | 2,310 | 323.0 | 25 | 3.2 | ||
| Anyang,Henan | 2,265 | 316.7 | 50 | 6.7 | ||
| Zhangjiagang,Jiangsu | 2,215 | 309.7 | 10 | 1.1 | ||
| Jinan,Shandong | 2,245 | 313.9 | -20 | -3.1 | ||
| Average | 2,217 | 310.0 | 6 | 0.5 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have edged up. On July 26, Jiangsu-based Shagang Group announced a RMB 50/mt ($7/mt) rise in its scrap purchase price, following a RMB 50/mt rise on July 12, signaling bullish sentiments as regards the future prospects for the scrap market. There were fewer scrap supplies arriving in the market, bolstering prices. However, the typhoon and heavy rains have negatively affected the demand for finished steel and will exert a negative impact on the scrap market. It is thought that scrap prices in the Chinese domestic market will likely soften in the coming week as demand weakening will be higher than supply.
$1 = RMB 7.1441