On March 15, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a further decrease in its scrap purchase price. Accordingly, the company has cut its scrap purchase price by RMB 50/mt ($7/mt) following the previous decrease of $10/mt recorded on March 12, reflecting the continuing bearish sentiments as regards the future prospects for the scrap market.
Accordingly, Shagang’s purchase prices for heavy melting scrap, HMS 1, 2 and 3 grades, have decreased to RMB 2,860/mt ($403/mt), RMB 2,830/m ($399/mt) and RMB 2,800/mt ($394/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.0975