On December 11, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.2/mt) decline in its scrap purchase price, following a RMB 30-60/mt decrease on November 22, reflecting ongoing 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 2,420/mt ($342/mt), RMB 2,390/m ($338/mt) and RMB 2,360/mt ($333/mt) delivered, including 13 percent VAT, respectively.