Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 3 it has cut its scrap purchase prices by RMB 80/mt ($12.5/mt), signaling its bearish sentiments as regards the future prospects for the market after the drops seen in steel prices. Accordingly, Shagang’s heavy scrap purchase price has decreased to RMB 3,630/mt ($567/mt) delivered, including 13 percent VAT.
Previously on October 28, Shagang Group had cut its heavy scrap purchase prices by RMB 80/mt ($12.5/mt).
Recently, steel prices in China have continued to fall sharply amid decreasing ferrous metal futures prices, and so steelmakers have also been seeking to trim their purchase prices for scrap.
$1 = RMB 6.4079