During the week ending May 31, local steel scrap prices in the Chinese market have continued their downward trend, though remaining stable in Handan, Hebei Province, 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, bearish sentiment in the domestic ferrous metal markets in China has exerted a negative impact on the local scrap market. In order to reduce costs for production, domestic steelmakers have cut back on their purchases of scrap, resulting in declines in scrap prices. Meanwhile, iron ore prices have softened, also negatively affecting support for scrap prices. It is thought that scrap prices in the Chinese market will likely indicate a slight downtrend in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,400 |
213 |
↓50 |
Liupanshui |
1,370 |
208 |
↓30 |
||
Zhangjiagang |
1,350 |
205 |
↓50 |
||
Handan |
1,400 |
213 |
↔0 |
||
Nanchang |
1,350 |
205 |
↓50 |
||
Anyang |
1,350 |
205 |
↓50 |
||
Jinan |
1,450 |
220 |
↓50 |
||
Average |
1,381 |
210 |
↓40 |
The above prices include 17 percent VAT
$1 = RMB 6.58