During the week ending March 29, local steel scrap prices in the Chinese market have moved on a rising trend in the provinces of Henan, Jiangsu and Shandong, though remaining stable in other regions of China, while transaction activity in the overall market has been at decent levels. Average scrap prices in China's main markets are presented in the table below.
During the given week, scrap prices in the Chinese domestic market have indicated various trends, with prices remaining stable in northern China, while indicating a rising trend in eastern China mainly due to better purchasing activity by steelmakers in eastern China. Since finished steel prices have indicated a rebounding trend, the capacity utilization of domestic steelmakers has increased, resulting in improved demand for scrap in China. Meanwhile, bullish sentiment still prevails in the ferrous metal markets in China. It is thought that scrap prices in the Chinese domestic market will likely edge up slightly in the coming week.
Product Name | Spec. | Origin | Price (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
HMS scrap | > 6 mm | Tianjin | 1,300 | 200 | 0 |
Liupanshui | 1,340 | 206 | 0 | ||
Zhangjiagang | 1,350 | 207 | ↑30 | ||
Handan | 1,280 | 197 | 0 | ||
Nanchang | 1,300 | 200 | 0 | ||
Anyang | 1,330 | 204 | ↑30 | ||
Jinan | 1,400 | 215 | ↑50 | ||
Average | 1,329 | 204 | ↑16 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.51