Chinese steel scrap market steady
2023-03-15 08:28:53 [Print]
BEIJING (Asian Metal) 15 Mar 23 - Chinese steel scrap market runs steadily this week upon balanced relationship between supply and demand. On Tuesday the mainstream prices of steel scrap HMS 6mm stood at RMB3,010/t (USD438/t) and RMB3,120/t (USD454/t) Ex-VAT delivered D/P respectively in Liaoning and Shandong, similar to late last week. As most steel mills have no intention to change purchasing prices for steel scrap, insiders predict prices would level off in the coming week.
A steel mill in Liaoning reported that their purchasing amount of steel scrap could reach about 1,500tpd in recent one week, similar to their daily consumption volume. "We bought around 90t of steel scrap HMS 6mm at RMB3,010/t (USD438/t) Ex-VAT delivered D/P on Tuesday and we did not change the price in recent one week," he said, adding that he last bought nearly 100t of the material at the same price last Sunday. According to the mill, they maintain the inventory stable at nearly 10,000t for around one week. Upon steady supply and demand, the source predicts steel scrap prices would keep flat in the coming week.
The steel mill, owning an annual consumption capacity of 550,000t for steel scrap, used approximately 420,000t of the material in 2022 and 70,000t in the first two months of this year. It estimated the consumption volume would reach almost 40,000t in March, up from 35,000t in February.
Another steel mill in Shandong told that his inventory remained stable at nearly 7-day consumption for about one week. They could get around 8,000t for supply and need to consume the similar amount in one day. "We bought around 120t of steel scrap HMS 6mm at RMB3,120/t (USD454/t) Ex-VAT delivered D/P on Tuesday and last bought around 100t of the material at the same price last Saturday," said the steel mill, adding that they would not change purchasing prices for steel scrap and predicting that steel scrap prices would level off in the coming week.
With an annual consumption capacity of 3.0 million tons for steel scrap, the steel mill consumed roughly 2.35 million tons of the material in 2022. It used about 150,000t of the material in the first two months of this year and would use 200,000t in March, up from 100,000t in February.
A steel mill in Liaoning reported that their purchasing amount of steel scrap could reach about 1,500tpd in recent one week, similar to their daily consumption volume. "We bought around 90t of steel scrap HMS 6mm at RMB3,010/t (USD438/t) Ex-VAT delivered D/P on Tuesday and we did not change the price in recent one week," he said, adding that he last bought nearly 100t of the material at the same price last Sunday. According to the mill, they maintain the inventory stable at nearly 10,000t for around one week. Upon steady supply and demand, the source predicts steel scrap prices would keep flat in the coming week.
The steel mill, owning an annual consumption capacity of 550,000t for steel scrap, used approximately 420,000t of the material in 2022 and 70,000t in the first two months of this year. It estimated the consumption volume would reach almost 40,000t in March, up from 35,000t in February.
Another steel mill in Shandong told that his inventory remained stable at nearly 7-day consumption for about one week. They could get around 8,000t for supply and need to consume the similar amount in one day. "We bought around 120t of steel scrap HMS 6mm at RMB3,120/t (USD454/t) Ex-VAT delivered D/P on Tuesday and last bought around 100t of the material at the same price last Saturday," said the steel mill, adding that they would not change purchasing prices for steel scrap and predicting that steel scrap prices would level off in the coming week.
With an annual consumption capacity of 3.0 million tons for steel scrap, the steel mill consumed roughly 2.35 million tons of the material in 2022. It used about 150,000t of the material in the first two months of this year and would use 200,000t in March, up from 100,000t in February.
