PRICING NOTICE: Proposal to launch new daily China import ferrous scrap price

Fastmarkets is proposing to launch a new daily China ferrous scrap import price assessment to enhance its growing editorial coverage of the Asian market for the steelmaking raw material.

The new assessment will be for heavy scrap classified under the Chinese standard HRS101. HRS101 is a grade of cut structural and plate scrap which – outside of China – fits under the category of plate and structural (P&S) or HS scrap in the Japanese market.

The price will be assessed on a cfr eastern China ports basis. Price points given for other ports in mainland China will be normalized to a cfr eastern China basis from information provided directly by active market participants.

Fastmarkets will not normalize price information for cargoes sold to any other market – such as Vietnam, South Korea or Taiwan – to arrive at an assessment for the cfr China price.

While it may take such information from data submitters as supplementary information, all assessments will be based directly on primary data gathered on a cfr China basis.

China is expected to be a regular importer of ferrous scrap due to its evolving steel industry. It is expected to continue to increase its ferrous scrap consumption in the steelmaking process.

Chinese annual scrap use could reach 330 million tonnes by 2030 and account for up to half of the country’s steel production, the China Association of Metal Scrap Utilization (Camu) said in 2019.

The new China scrap price will deliver more choices to subscribers and widen Fastmarkets’ coverage of the Asian scrap market.

The addition of the price – which will be published in line with International Organization of Securities Commissions (Iosco) standards and benchmark regulations – will reinforce Fastmarkets’ position as the leading global price reporting agency for Asia’s ferrous scrap market.

The proposed specifications for the price assessment are as follows:

Steel scrap, heavy recycled steel materials, cfr China, $/tonne
Quality: Cut structural and plate scrap, compliant with China scrap standard HRS101
Size: Minimum thickness of 6mm, minimum diameter of 10mm, length under 1,500mm, width under 600mm
Maximum unit weight: 1,500kg
Quantity: Minimum 2,000 tonnes (bulk)
Location: cfr eastern China ports (normalized for other Chinese mainland sea ports)
Timing: 3-10 weeks
Unit: $/tonne
Payment terms: Letter of credit on sight
Publication: Daily, 5-6pm Shanghai time

The consultation period for the proposed price assessment starts on Wednesday January 6 and will end on Friday February 5. The proposed changes, subject to market feedback, will be implemented on February 8.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to any of these prices, please contact Jessica Zong or Paul Lim by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Jessica Zong/Paul Lim, re: China scrap prices.”

To see all of Fastmarkets’ pricing methodology and specification documents, please go to www.metalbulletin.com/prices/pricing-methodology.html.

What to read next
Due to the Eid -Al-Adha public holiday, which began on Thursday June 5 and will run through to Monday June 9 inclusive, these prices will be published instead on Tuesday June 10, in accordance with Fastmarkets’ policy. These prices are usually published weekly on Mondays. This change was not initially noted on Fastmarkets’ 2025 pricing […]
The rationale for MB-CO-0004 cobalt alloy grade, in-whs Rotterdam, $/lb had erroneously stated that an indication at $18.50-20.00 per lb was included in the assessment. This has been corrected to explain the indication was made outside of the pricing window, and had therefore been discarded. The published price is unaffected by this change. These prices are a […]
Explore the impact of the trade war on the Chinese paper market with insights into April's data and economic signals.
The following prices were affected:MB-STE-0444 Steel hot-rolled coil import, cfr main port India, $/tonneMB-STE-0445 Steel hot-rolled coil (CR grade) import, cfr main port India, $/tonneMB-STE-0442 Steel hot-rolled coil (commodity) export, fob main port India, $/tonneMB-STE-0436 Steel hot-rolled coil domestic, ex-whse India, rupees/tonne MB-STE-0435 Steel cold-rolled coil domestic, ex-whse India, rupees/tonneMB-STE-0443 Steel cold-rolled coil import, cfr main port India, $/tonneMB-STE-0434 Steel hot-dipped galvanized coil […]
Soybean futures on the Chicago Mercantile Exchange held broadly steady in the front end of the curve on Thursday May 29, while contracts for farther delivery months faced some downward pressure.
Fastmarkets published its assessment of the MB-STE-0232 steel scrap No1 busheling, consumer buying price, delivered mill Chicago, $/gross ton on Thursday June 5, 2025.