On March 15, SteelOrbis reported that China’s Shagang Steel had cut scrap purchase prices twice since an increase announced on March 6, each time by approximately $5/mt with average prices reportedly at RMB 2,485/mt ($393/mt) delivered at the time.
According to sources in the market, Shagang Steel has reduced scrap purchase prices an additional two times since that report. The approximate $5/mt each time translates to new offers of RMB 2,420/mt ($383/mt) delivered.
USD = RMB 6.32 (Mar 15)
USD = RMB 6.32 (Mar 21)