Shagang Group’s higher scrap purchasing prices bolster local Chinese scrap market

Tuesday, 10 September 2019 14:51:31 (GMT+3)   |   Shanghai
       

As of September 10, steel scrap prices in the Chinese domestic market have moved on an overall uptrend, 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. 

Product name

Specification

Origin

Price
(RMB/mt)

Price
($/mt)

Weekly change
(RMB/mt)

Weekly change
($/mt)

HMS

scrap

> 6 mm

Tianjin

2,870

405.1

+90

+12.7

Liupanshui,Guizhou

2,620

369.8

+40

+5.6

Nanchang,Jiangxi

2,520

355.7

+20

+2.8

Handan,Hebei

2,760

389.6

+60

+8.5

Anyang,Henan

2,645

373.4

+45

+6.4

Zhangjiagang,Jiangsu

2,730

385.4

+150

+21.2

Jinan,Shandong

2,780

392.4

+55

+7.8

Average

2,704

381.6

+66

+9.3

 All prices are ex-warehouse and include 13 percent VAT.

Chinese major steelmaker Shagang Group has increased its scrap purchasing prices by RMB 80/mt ($11.3/mt) as of September 10, exerting a positive impact on scrap market. Meanwhile, traders have been optimistic on the future prospects for the scrap market, unwilling to sell at current price levels as they expect higher prices. At the same time, finished steel prices have edged up, also positively affecting the demand for scrap. Local Chinese scrap market is expected to edge up in the coming week. 

$1=RMB 7.085

 


Most Recent Related Articles

Manganese ore prices in China rise slightly

Daily iron ore prices CFR China - August 3, 2020 

China’s apparent stainless steel consumption down 2.27 percent in H1

China's coking coal imports up 5.6% in H1, ex-Australia shipments surge

Crude steel output in Hebei increases by 1.7 percent in June