Shagang Steel, the largest ferrous scrap consumer in China, recently announced that it would further decrease average scrap buying prices to CNY 2,460/mt ($381/mt) delivered on January 15.
Since the peak of CNY 2,680/mt ($407/mt) delivered which was heard on December 22, 2017, Shagang began to announce cuts in scrap purchase prices. Prices dropped by CNY 50 by late December and in January 1, 2018 prices declined to CNY 2,590/mt ($398/mt) delivered. Since then, scrap purchase prices declined by CNY 30/mt on January 9, by CNY 50/mt on January 13, and by CNY 50 again on January 15.
USD = CNY 6.58 (Dec 22), also referred to as RMB
USD = CNY 6.51 (Jan 1)
USD = CNY 6.44 (Jan 15)