As of January 10, average scrap prices in the Chinese domestic market have indicated very small increases compared to the previous week mainly supported by the reduced supply in winter.
Average domestic HMS scrap prices in China are at RMB 2,737/mt ex-warehouse, increasing by RMB 13/mt on average compared to previous week, according to SteelOrbis’ information.
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 |
2,810 |
395.7 |
+40 |
+4.3 |
|
Liupanshui, Guizhou |
2,700 |
380.2 |
0 |
-1.3 |
||
|
Nanchang, Jiangxi |
2,690 |
378.8 |
+30 |
+3.0 |
||
|
Handan, Hebei |
2,800 |
394.3 |
+40 |
+4.3 |
||
|
Anyang, Henan |
2,660 |
374.6 |
+10 |
+0.1 |
||
|
Zhangjiagang, Jiangsu |
2,760 |
388.7 |
-10 |
-2.7 |
||
|
Jinan, Shandong |
2,740 |
385.9 |
-20 |
-4.1 |
||
|
Average |
2,737 |
385.5 |
+13 |
+0.5 |
||
|
Note: Prices include 3 percent VAT as of March 1 2022. |
||||||
During the given week, scrap prices in the Chinese domestic market moved up first but edged down later, with average prices rising very slightly week on week. The shortage of supply has bolstered scrap prices to a certain degree. At the same time, downstream users need to replenish their stocks for the winter season, which will provide support for scrap prices. It is expected that scrap prices in the Chinese domestic market will likely move sideways or post just small increases in the coming week.
The latest tradable level for ex-Japan HS has been remained stable at $385-390/mt CFR.
$1 = RMB 7.1055