On January 3, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7/mt) decrease in its scrap purchase price, following a RMB 50/mt rise on December 3, reflecting the 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 2,570/mt ($357/mt), RMB 2,540/m ($353/mt) and RMB 2,510/mt ($349/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.1878