On August 12, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced another RMB 60/mt ($8.4/mt) cut in its scrap purchase price, following a RMB 60/mt cut on August 9, reflecting continuing 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 2,530/mt ($354/mt), RMB 2,500/m ($350/mt) and RMB 2,470/mt ($346/mt) delivered, including 13 percent VAT, respectively.
