PRICING NOTICE: Launch of daily China import ferrous scrap price

Fastmarkets is launching a new daily China ferrous scrap import price assessment on Monday February 8 after a month-long consultation.

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

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

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

While this information provided by data submitters will be taken 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 the evolution of its 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

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: 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

What to read next
Fastmarkets confirms the amendment of five of its steel products assessments and steel billet index originated from the Black Sea.
Fastmarkets is launching a US green steel differential to hot-rolled coil and an accompanying US green steel base price. The launch is targeting growing interest from the auto sector and elsewhere in a low-carbon-emission HRC option. It complements differentials and base prices in Europe and Asia.
For comments and queries, please email, indicating “PIX Pellet Nordic Index” in the subject line of the email.
Fastmarkets invited feedback from the industry on the methodology for its audited lithium and spodumene price assessments, via an open consultation process between April 18 and May 17, 2024. This consultation was done as part of our published annual methodology review process.
Fastmarkets proposes to amend the payment terms and quantities of three hot- and cold-rolled coil import price assessments for the United Arab Emirates and Saudi Arabia.
Random Lengths has concluded its industry consultation, will add delivered Dallas fingerjointed stud prices and make changes to veneer reporting.