On May 8, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a decline in its scrap purchase price. Accordingly, the company has cut its scrap purchase price by RMB 30/mt ($4.2/mt) following the previous accumulative increase of $7/mt recorded on May 7 and May 8, reflecting the cautious 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 2,860/mt ($403/mt), RMB 2,830/m ($399/mt) and RMB 2,800/mt ($395/mt) delivered, including 13 percent VAT, respectively.
