On April 24, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced another decline in its scrap purchase price. This time the company has decreased its scrap purchase price by RMB 50/mt ($7.3/mt), signaling bearish sentiments as regards the future prospects for the scrap market.
Accordingly, Shagang’s heavy scrap (heavy I-III) purchase price has decreased to RMB 3,120-3,170/mt ($453.5-461.0/mt) delivered, including 13 percent VAT.
Rebar futures prices have continued to decline, exerting a negative impact on the scrap market amid the prevailing bearish sentiments among market players.
$1 = RMB 6.8835