Average scrap prices in the Chinese domestic market have indicated slight declines compared to the previous week against the backdrop of the market slowdown ahead of the holiday.
Average domestic HMS scrap prices in China are at RMB 2,704/mt ex-warehouse, decreasing by RMB 9/mt on average compared to the 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 |
2,790 |
392.5 |
-30 |
-4.3 |
|
Liupanshui,Guizhou |
2,720 |
382.7 |
0 |
-0.1 |
||
|
Nanchang,Jiangxi |
2,640 |
371.4 |
0 |
-0.1 |
||
|
Handan,Hebei |
2,790 |
392.5 |
-10 |
-1.5 |
||
|
Anyang,Henan |
2,650 |
372.8 |
0 |
-0.1 |
||
|
Zhangjiagang,Jiangsu |
2,720 |
382.7 |
0 |
-0.1 |
||
|
Jinan,Shandong |
2,620 |
368.6 |
-20 |
-2.9 |
||
|
Average |
2,704 |
380.5 |
-9 |
-1.3 |
||
|
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 declines amid the decreasing volumes arriving in the market, while some market players are already on holiday, also affecting the scrap market. The widespread snowy weather has encouraged sellers to sell, to bring in cash ahead of the Chinese New Year holiday (February 9-16). The scrap market has been quiet due to the proximity of the holiday. It is expected that scrap prices in the Chinese domestic market will move sideways in the coming week.
The latest tradable level for ex-Japan HS has been at $375-385/mt CFR, versus $380-385/mt CFR last week, at least $20/mt below the rare offers in the market.
$1 = RMB 7.1049