During the week ending August 14, steel scrap prices in the Chinese domestic market have continued to move up, while transaction activity in the overall market has been at decent levels. Average scrap prices in China’s main markets are presented in the following table.
During the given week, Chinese major steelmaker Jiangsu Province-based Shagang has increased its purchasing prices for scrap, providing certain support to scrap prices in spot market. Meanwhile, though the inventory level of scrap has increased, downstream steelmakers’ profitability has been at decent level, resulting in good demand for scrap. At the same time, the supply of scrap has been tight due to high temperature and rainy weather. It is expected that scrap prices in the Chinese domestic market will move sideways in the coming week.
|
Product Name |
Spec. |
Origin |
Price (RMB/mt) |
Price ($/mt) |
Weekly Change (RMB/mt) |
|
HMS scrap |
> 6 mm |
Tianjin |
2,840 |
413 |
↑45 |
|
Liupanshui |
2,495 |
363 |
↑70 |
||
|
Zhangjiagang |
2,820 |
410 |
↑35 |
||
|
Handan |
2,590 |
376 |
↑55 |
||
|
Nanchang |
2,700 |
392 |
↑55 |
||
|
Anyang |
2,470 |
359 |
↑20 |
||
|
Jinan |
2,660 |
387 |
↑85 |
||
|
Average |
2,654 |
386 |
↑52 |
All prices are ex-warehouse and include 16 percent VAT.
$1 = RMB 6.88