During the week ending July 19, local steel scrap prices in the Chinese market have mostly indicated a stable trend, while transaction activity in the overall market is slacker than in the previous week and is now at low levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, since domestic finished steel and semi-finished steel prices have softened, steelmakers have sought to exert pressure on scrap sellers' prices, while the sellers have kept their prices stable as their inventory levels are not at high levels. In this context, transaction activities have slackened. It is expected that scrap prices in the Chinese domestic market will likely edge down further in the coming week due to the downward movement of prices of finished steel, iron ore and ferrous metal product futures.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,530 |
229 |
↔0 |
Liupanshui |
1,510 |
226 |
↔0 |
||
Zhangjiagang |
1,550 |
232 |
↔0 |
||
Handan |
1,520 |
227 |
↔0 |
||
Nanchang |
1,500 |
224 |
↔0 |
||
Anyang |
1,550 |
232 |
↔0 |
||
Jinan |
1,550 |
232 |
↔0 |
||
Average |
1,530 |
229 |
↔0 |
The above prices include 17 percent VAT
$1 = RMB 6.69