It is reported that recently, Hebei has seen stable scrap steel market under wait and see sentiment. Driven by the declining steel prices, Tianjin Steel further lowered its HMS purchase price by CNY 150 per tonne to CNY 2950 per tonne. Other steel mills have kept waiting.

    1. In Tianjin Steel Pipes, HMS 1 stays at CNY 3420 per tonne

    2. HMS at CNY 3360 per tonne.

    3. In Shougang Steel, HMS stays at CNY 3430 per tonne, medium scrap at CNY 3380 per tonne and light scrap at CNY 3290 per tonne.

    4. In Tianjin Tiantie Steel, medium scrap is priced at CNY 3420 per tonne.

    5. HMS in Xingtai Steel goes at CNY 3500 per tonne.

    6. Handan Steel, Shijiazhuang Steel, Tangshan Iron and Steel and Chengde Steel have stopped their purchase.

    Currently, scrap steel market is being squeezed by both declining steel prices and tight resource supply, thus making the market stable as a whole. Most small steel mills have stopped production due to the declining steel prices, reducing the demand for raw materials such as scrap steel. Scrap steel suppliers are now quite panic and prudent. Trade is rather thin and resources thereby become inadequate in the market. In short term, Hebei Scarp Steel market will remain stable.