Average scrap prices in the Chinese domestic market have edged up compared to the prices recorded on October 23 as the steel market has seen some gradual improvement and in general the market has been more balanced in terms of demand and supply of scrap.
Average domestic HMS scrap prices in China are at RMB 2,328/mt ex-warehouse, increasing by RMB 26/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 |
Price |
Weekly change |
Weekly change |
HMS scrap |
> 6 mm |
Tianjin |
2,370 |
332.5 |
30 |
3.9 |
Liupanshui,Guizhou |
2,245 |
315.0 |
0 |
-0.3 |
||
Nanchang,Jiangxi |
2,280 |
319.9 |
65 |
8.9 |
||
Handan,Hebei |
2,360 |
331.1 |
60 |
8.1 |
||
Anyang,Henan |
2,300 |
322.7 |
10 |
1.1 |
||
Zhangjiagang,Jiangsu |
2,330 |
326.9 |
20 |
2.5 |
||
Jinan,Shandong |
2,410 |
338.1 |
0 |
-0.3 |
||
Average |
2,328 |
326.6 |
26 |
3.4 |
||
Note: Prices include 3 percent VAT as of March 1 2022. |
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During the given week, scrap prices in the Chinese domestic market have edged up slightly amid rebounding ferrous metal futures prices. Finished steel prices have been bolstered by increasing futures prices, following the news regarding further stimuli from the central bank. At the same time, scrap supplies arriving in the market have been at relatively low levels, also bolstering prices to a certain degree. It is expected that scrap prices in the Chinese market will see a rising trend in the coming week.
The latest ex-Japan HS scrap tradable prices have added $5/mt over the past week to at $325-335/mt CFR.
$1 = RMB 7.139