On May 3, SteelOrbis reported that China’s Shagang Steel had increased HMS scrap purchase prices to an average price of RMB 2,425/mt ($382/mt) delivered including VAT.
Sources inform SteelOrbis that the price has declined over the week and the average HMS scrap price is now reportedly at RMB 2,350/mt ($367/mt) delivered including VAT. Compared to early in the month, prices have declined $15/mt. The downward price adjustment is attributed to the softness in finished steel products prices domestically as well as slow buying from the export market due to ongoing uncertainty.
USD = RMB 6.35 (May 3)
USD = RMB 6.39 (May 23)