Scrap prices in 2024 show an overall downward trend, but with ups and downs in different regions and points in time.
In terms of price, scrap prices were mainly down overall in the first half of 2024. For example, the Fubo steel scrap price index fell from RMB 2,730.9/tonne at the beginning of the year to RMB 2,509/tonne, a drop of RMB 222/tonne. In addition, scrap prices in different regions also showed mixed results. For example, scrap prices in the southwest region oscillated in a narrow range, while scrap prices in the northeast region adjusted in a narrow range.
On the demand side, scrap demand is under pressure and consumption may continue to decline. For example, the total daily consumption of scrap steel of 300 steel mills was 544,900 tons on June 20, a decrease of 0.01 million tons from last week, but an increase of 28,100 tons year-on-year.
On the inventory side, market supply tightened and steel mills consumed stockpiles of scrap. For example, the total stock of scrap steel in 300 steel mills was 5.082 million tons on June 20, a decrease of 87,600 tons from last week.
In terms of profit, electric arc furnace long-term losses, reduce and stop production action increased. For example, the average cost of independent electric arc furnace construction steel mills was 3,825 yuan / ton, a week-on-week decline of 17 yuan / ton.
To summarize, the overall trend of scrap steel prices in 2024 shows a downward trend, but it varies in different regions and points in time. The supply and demand situation in the scrap market, changes in inventories and the profit situation of electric arc furnaces all have an impact on scrap prices.
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