Shagang cuts scrap purchase price by $15/mt, down $108/mt since July 4

Monday, 18 July 2022 10:36:02 (GMT+3)   |   Shanghai
       

Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of July 16 it has cut its scrap purchase price by RMB 100/mt ($15/mt), reflecting the prevailing bearish market sentiment. Accordingly, Shagang’s heavy scrap (heavy I-III) purchase price has decreased to RMB 2,670-2,730/mt ($396-405/mt) delivered, including 13 percent VAT.

Previously, on July 15, Shagang Group had decreased its scrap purchase price by RMB 150/mt ($22/mt).

Since July 4 this year, Shagang Group has cut its scrap purchase price by a total of RMB 730/mt ($108/mt).

This latest move by Shagang indicates its continued bearish view of the future prospects for the scrap market amid slack demand from steelmakers during the hot summer in China and the continuing sharp declines in spot and futures steel prices.

$1 = RMB 6.7447


Similar articles

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

US scrap market still expecting sideways pricing in April

27 Mar | Scrap & Raw Materials

Ex-US deep sea scrap prices to Turkey increase, ex-EU prices relatively stable

27 Mar | Scrap & Raw Materials

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Average local Chinese scrap prices rise amid tight supply after previous decreases

27 Mar | Scrap & Raw Materials

Import scrap prices in India move up, but low bids prevent deals

27 Mar | Scrap & Raw Materials

Baltic countries and Czech Republic seek EU ban on ex-Russia scrap imports

27 Mar | Steel News

US iron and steel scrap exports down 12.9 percent in January

26 Mar | Steel News

European scrap prices move up above $385/mt

26 Mar | Scrap & Raw Materials

Wholesale metal scrap sales in Mexico decrease 15.6 percent in January

25 Mar | Steel News