Average scrap prices in the Chinese domestic market have moved up compared to the prices recorded on July 16 amid rises in futures and spot steel prices this week.
Average domestic HMS scrap prices in China are at RMB 2,211/mt ex-warehouse, moving up by RMB 29/mt ($4.1/mt) on average compared to the previous week, according to SteelOrbis’ information.
Average scrap prices in China’s main markets are presented in the following table.
| Product name | Specification | Origin | Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
HMS |
> 6 mm | Tianjin | 2,300 | 321.9 | 15 | 2.3 |
| Liupanshui,Guizhou | 2,090 | 292.5 | 50 | 7.2 | ||
| Nanchang,Jiangxi | 2,120 | 296.7 | 20 | 3.0 | ||
| Handan,Hebei | 2,285 | 319.8 | 20 | 3.0 | ||
| Anyang,Henan | 2,215 | 310.0 | 35 | 5.1 | ||
| Zhangjiagang,Jiangsu | 2,205 | 308.6 | 35 | 5.1 | ||
| Jinan,Shandong | 2,265 | 317.0 | 30 | 4.4 | ||
| Average | 2,211 | 309.5 | 29 | 4.3 | ||
| Note: Prices include 3 percent VAT as of March 1 2022. | ||||||
During the given week, scrap prices in the Chinese domestic market have seen increases amid rising finished steel prices. There have been more scrap supplies arriving in the market, while some steelmakers have implemented maintenance works, resulting in reduced demand for scrap and causing prices to soften. Ferrous metal futures prices have continued to increase amid news of production restrictions, supporting scrap prices to a certain degree. It is thought that scrap prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
$1 = RMB 7.1414