On March 12, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a decrease in its scrap purchase price. Accordingly, the company has cut its scrap purchase price by RMB 70/mt ($10/mt) following the previous decrease of $4.2/mt recorded on March 9, signaling the continuous bearish sentiments as regards the future prospects for the scrap market.
Accordingly, Shagang’s purchase prices for heavy melting scrap, HMS 1, 2 and 3 grades, have decreased to RMB 2,910/mt ($410/mt), RMB 2,880/m ($405.5/mt) and RMB 2,850/mt ($401/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.093
