On March 27, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.3/mt) decline in its scrap purchase price, following a RMB 50/mt increase on March 10, 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 2,510/mt ($364/mt), RMB 2,480/m ($359/mt) and RMB 2,450/mt ($355/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 6.9223
