Platts quoted the latest survey on domestic prices by the China Iron and Steel Association showed China"s domestic steel scrap prices averaged lower over the period February 20th to 27th across 22 major cities in the country.
The survey was conducted on a mixture of both heavy and medium grade steel scrap.
On February 27th steel scrap prices averaged CNY 2,604 per tonne down by CNY 59 per tonne from February 20. Prices ranged between CNY 2,450 per tonne to CNY 2,800 per tonne on February 27th across 22 major cities, compared with CNY 2,500 per tonne to CNY 2,800 per tonne for February 20th.
They were weaker in 11 cities, having dropped between CNY 50 per tonne to CNY 258 per tonne. The largest loss was seen in Laiwu at CNY 2,450 per tonne and the least in Anyang, Tangshan and Guangzhou, having settled at CNY 2,550 per tonne, CNY 2,600 per tonne and CNY 2,550 per tonne respectively.
Ten cities saw prices steady, Kunming and Lanzhou at CNY 2,500 per tonne; Wuyang, Liupanshui and Achen at CNY 2,600 per tonne each; Chongqing and Benxi at CNY 2,650 per tonne each; Tonghua at CNY 2,700 per tonne, Loudi at CNY 2,750 per tonne and Lingyuan at CNY 2,800 per tonne.