During the week ending May 17, local steel scrap prices in the Chinese market have indicated an overall downward trend, though with slower downward movement compared to the previous week, while transaction activity in the market has improved somewhat but is still at low levels. Average scrap prices in China's main markets are presented in the table below.
During the given week, bearish sentiment, albeit diminished, still prevails in the ferrous metal markets in China, and continues to exert a negative impact on local scrap prices. Domestic steelmakers have stepped up their scrap purchases, while traders have been more willing to sell, and so transaction activity has improved, though still remaining on the sluggish side. It is thought that scrap prices in the Chinese domestic market will likely move sideways in the coming week.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,450 |
222 |
↓50 |
Liupanshui |
1,400 |
215 |
↓50 |
||
Zhangjiagang |
1,500 |
230 |
↓50 |
||
Handan |
1,400 |
215 |
↓50 |
||
Nanchang |
1,400 |
215 |
↓50 |
||
Anyang |
1,400 |
215 |
↓50 |
||
Jinan |
1,500 |
230 |
↓50 |
||
Average |
1,436 |
220 |
↓50 |
The above prices include 17 percent VAT
$1 = RMB 6.52