Average scrap prices in the Chinese domestic market have edged up compared to the previous week, while import scrap prices have also been following an upward trend and buyers have been assessing them as being unworkable.
Average domestic HMS scrap prices in China are at RMB 2,634/mt ex-warehouse, increasing by RMB 19/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 |
Price |
Weekly change |
Weekly change |
|
HMS scrap |
> 6 mm |
Tianjin |
2,710 |
380.8 |
20 |
2.6 |
|
Liupanshui,Guizhou |
2,640 |
370.9 |
35 |
4.7 |
||
|
Nanchang,Jiangxi |
2,630 |
369.5 |
25 |
3.3 |
||
|
Handan,Hebei |
2,670 |
375.2 |
30 |
4.0 |
||
|
Anyang,Henan |
2,575 |
361.8 |
20 |
2.6 |
||
|
Zhangjiagang,Jiangsu |
2,640 |
370.9 |
0 |
-0.2 |
||
|
Jinan,Shandong |
2,575 |
361.8 |
0 |
-0.2 |
||
|
Average |
2,634 |
370.1 |
19 |
2.4 |
||
|
Note: Prices include 3 percent VAT as of March 1 2022. |
||||||
During the given week, scrap prices in the Chinese domestic market have seen slight rises amid the increases in other raw material prices. However, demand for scrap has not indicated any significant improvement, which will exert a negative impact on scrap prices in the near future. Moreover, buyers have been cautious in building up stocks, which will weaken the support for scrap prices. The increases in coke prices may bolster scrap prices to a certain degree. It is thought that scrap prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
The latest tradable level for ex-Japan HS has inched up from $375/mt CFR to $375-380/mt CFR, but offers have been rare and much higher, at $410-415/mt CFR, rising by $5/mt over the past week.
$1 = RMB 7.1126