During the week ending May 3, local steel scrap prices in the Chinese market have mostly indicated downward movement, though remaining stable in some regions, while transaction activity in the overall market is now at low levels, having slackened compared to the previous week. Average scrap prices in China's main markets are presented in the table below.
During the given week, the declines in ferrous metal prices have exerted a negative impact on scrap prices, with significant declines in scrap prices seen in particular in eastern China where prices had risen sharply in the previous week. In order to obtain lower purchasing prices, steelmakers have slowed down their purchasing activities. It is thought that scrap prices in the Chinese domestic market will likely continue their downward trend in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,650 | 255 | 0 |
Liupanshui | 1,620 | 250 | 0 | ||
Zhangjiagang | 1,780 | 275 | ↓110 | ||
Handan | 1,620 | 250 | 0 | ||
Nanchang | 1,660 | 257 | ↓100 | ||
Anyang | 1,700 | 263 | ↓60 | ||
Jinan | 1,800 | 278 | ↓50 | ||
Average | 1,690 | 261 | ↓46 |
The above prices include 17 percent VAT
$1 = RMB 6.47