During the week ending July 5, local steel scrap prices in the Chinese market have indicated an overall upward trend, while transaction activity in the overall market has been at fairly good levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, supply in the scrap market has been on the short side, supporting the upward movement of scrap prices. Steelmakers have increased their buying prices for scrap. Against the backdrop of hot weather and heavy rainfall, scrap traders have been finding it difficult to obtain new supplies. It is thought that scrap prices in the Chinese domestic market will likely move up further in the coming week as finished steel prices will also likely increase.
| Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| HMS scrap | > 6 mm | Tianjin | 1,500 | 225 | ↑30 |
| Liupanshui | 1,510 | 226 | ↑60 | ||
| Zhangjiagang | 1,530 | 229 | ↑80 | ||
| Handan | 1,500 | 225 | ↑50 | ||
| Nanchang | 1,500 | 225 | ↑50 | ||
| Anyang | 1,520 | 228 | ↑70 | ||
| Jinan | 1,550 | 232 | ↑50 | ||
| Average | 1,516 | 227 | ↑56 |
The above prices include 17 percent VAT
$1 = RMB 6.67