On July 30, SteelOrbis reported that Shagang Steel increased their average domestic HMS scrap purchase price (HMS 6-10mm thickness) to approximately RMB 2,340-2,350/mt ($344-345/mt) delivered including VAT.
Sources inform SteelOrbis that Shagang Steel has increased its scrap buying prices for the grade twice in the past week. Initially, it increased prices by RMB 100/mt on August 2 and again on August 8 by RMB 150/mt. Prices for HMS scrap are now reportedly at an average level of RMB 2,590-2,600 ($379-380/mt) delivered including VAT. Prices increased $35/mt since late July.
USD = RMB 6.81 (Jul 30)
USD = RMB 6.84 (Aug 8)