On November 9, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a rise in its scrap purchase price. Accordingly, the company has raised its scrap purchase price by RMB 50/mt ($7/mt), reflecting improved 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 increased to RMB 2,970/mt ($414/mt), RMB 2,940/m ($409.5/mt) and RMB 2,910/mt ($405/mt) delivered, including 13 percent VAT, respectively.
Improved sentiment has prevailed among players in the steel market, exerting a positive impact on scrap prices.
$1 = RMB 7.1772