Stock building bolsters Chinese steel scrap prices

Tuesday, 17 September 2019 15:21:03 (GMT+3)   |   Shanghai
       

As of September 17, steel scrap prices in the Chinese domestic market have moved on an overall uptrend compared to the previous week, 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

405.8

0

+0.6

Liupanshui,Guizhou

2,670

377.5

+50

+7.6

Nanchang,Jiangxi

2,530

357.7

+10

+2.0

Handan,Hebei

2,780

393.0

+20

+3.4

Anyang,Henan

2,710

383.1

+65

+9.8

Zhangjiagang,Jiangsu

2,760

390.2

+30

+4.8

Jinan,Shandong

2,800

395.9

+20

+3.4

Average

2,731

386.2

+28

+4.5

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

During the given week, scrap prices in China have increased and more scrap has been arriving at steelmakers. Due to the Mid-Autumn Day holiday and the approaching National Day holiday, steelmakers have been more willing to build up their stocks of scrap. However, supply tightness still exists in the scrap market, bolstering scrap prices. Currently, bullish sentiments prevail in the scrap market. It is thought that scrap prices in the Chinese domestic market will likely edge up in the coming week.

$1 = RMB 7.07

 


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