On March 21, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a decline in its scrap purchase price. This time, the company has decreased its scrap purchase price by RMB 30/mt ($4.4/mt), signaling ongoing cautious sentiments towards the future prospects for the scrap market.
Accordingly, Shagang’s heavy scrap (heavy I-III) purchase price has decreased to RMB 3,270-3,320/mt ($475-483/mt) delivered, including 13 percent VAT.
Rebar futures prices in China have seen a declining trend since March 16, negatively affecting the scrap market.
1$ = 6,8763 RMB