Shagang cuts scrap price by $7.8/mt first time in May amid cautious mood

Monday, 17 May 2021 16:33:18 (GMT+3)   |   Shanghai
       

Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of May 16 it has cut its scrap purchase prices by RMB 50/mt ($7.8/mt), signaling its cautious sentiment as regards the future prospects for the market. Accordingly, Shagang’s heavy scrap purchase price has decreased to RMB 4,050/mt ($630/mt) delivered, including 13 percent VAT.

This is the price cut following previous three price increases by Shagang Group in May. Previously, the producer had increased its scrap purchase prices by RMB 650/mt or $101/mt in total in May.

Sharp drops in futures and spot rebar prices in China have contributed to the declines in the scrap market. Import scrap prices are expected to be affected as well.

 


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