On September 7, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.2/mt) cut in its scrap purchase price, following a RMB 80/mt cut on August 15, reflecting 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 2,420/mt ($341/mt), RMB 2,390/m ($337/mt) and RMB 2,360/mt ($332/mt) delivered, including 13 percent VAT, respectively.
