During the week ending June 2, local steel scrap prices in the Chinese market have indicated a downtrend in most regions, though remaining stable in Anyang and Jinan, while transaction activity in the overall market has slackened and is now at low levels. Average scrap prices in China's main markets are presented in the following table.
During the given week, steelmakers have been slow to conclude purchases of scrap and have tried to exert downward pressure on prices, resulting in a declining trend in scrap transaction prices. Meanwhile, traders are currently cautious about buying and selling scrap. Recently, iron ore prices have just fluctuated within a limited range, providing limited support for scrap prices. It is expected that scrap prices in the Chinese domestic market will likely edge down further in the coming week, also as steelmakers are seeking to buy higher-quality scrap and may reduce their purchases if the desired quality is not available.
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
HMS scrap |
> 6 mm |
Tianjin |
1,550 |
250 |
↓30 |
Liupanshui |
1,480 |
239 |
↓70 |
||
Zhangjiagang |
1,470 |
237 |
↓50 |
||
Handan |
1,530 |
247 |
↓40 |
||
Nanchang |
1,450 |
234 |
↓50 |
||
Anyang |
1,500 |
242 |
0 |
||
Jinan |
1,530 |
247 |
0 |
||
Average |
1,501 |
242 |
↓35 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.20