On March 27, SteelOrbis reported that China’s Shagang Steel had cut scrap purchase prices to RMB 2,219/mt ($353/mt) delivered. Approximately six downward price adjustments were announced through March with an additional downward price adjustment announced in early April.
Sources inform SteelOrbis that Shagang Steel has announced this week an uptick in prices of approximately RMB 102/mt moving average prices to RMB 2,321/mt ($367/mt) delivered, up $14/mt.
USD = RMB 6.28 (Mar 27)
USD = RMB 6.32 (Apr 23)