On January 5, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.2/mt) decrease in its scrap purchase prices, following the RMB 50/mt drop announced on January 3, reflecting ongoing 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 2,540/mt ($353/mt), RMB 2,510/m ($349/mt) and RMB 2,480/mt ($345/mt) delivered, including 13 percent VAT, respectively.