Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of August 19 it has cut its scrap purchase price by RMB 50/mt ($7.5/mt), reflecting cautious sentiments towards the future prospects for the scrap market. Accordingly, following the revision the new heavy scrap (heavy I-III) purchase price level has settled at RMB 3,320-3,380/mt ($488-497/mt) delivered, including 13 percent VAT.
Before the latest announcement, Shagang Group had raised its scrap purchase price by RMB 700/mt ($103/mt) since August 1, as SteelOrbis reported earlier.
$1 = RMB 6.8065