On March 6, SteelOrbis reported that China’s Shagang Steel increased scrap purchase prices, but sources say the direction has turned this week. Sources inform SteelOrbis that over the past few days, Shagang Steel has cut purchase prices twice, each time by approximately $5/mt. Last week, prices were reported at RMB 2,550/mt ($404/mt) average delivered. Prices are now reportedly at RMB 2,485/mt ($393/mt) average delivered.
USD = RMB 6.31 (Mar 6)
USD = RMB 6.32 (Mar 15)