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The domestic steel scrap market is operating stably and on the strong side, resource shortages become the norm

Sep 16, 2020

Last week, the domestic steel scrap market was operating steadily and on the strong side, resource shortages became the norm, steel mills arrived generally, inventories continued to decline, some merchants grabbed high prices, and stocks are waiting to rise.

Compared with the previous week, the average purchase price of scrap for key steel companies has increased by RMB 18/ton for heavy scrap, RMB 13/ton for medium-sized scrap, and RMB 40/ton for aggregate scrap.

As the flood receded and the high temperature moved away, construction sites began to rush, and demand for finished materials gradually released. Most steel mills have expectations for the "Golden Nine and Silver Ten", increased production enthusiasm, and the market sentiment is good. The merchants are looking forward to the rise and cannot deliver goods. After the steel mills adjust the price, the arrival situation has not improved significantly. Still less than the daily consumption. Shagang once again raised scrap prices by RMB 50/ton, and some steel mills followed suit. It is expected that scrap prices will continue to consolidate at a high level.

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Rogers Zhang