On March 19, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.2/mt) decrease in its scrap purchase price, following a RMB 50/mt drop on January 19. Since the beginning of this year, Shagang has cut its scrap purchase price by RMB 190/mt ($26.5/mt) cumulatively.
Accordingly, Shagang’s purchase prices for heavy melting scrap, HMS 1, 2 and 3 grades, have decreased to RMB 2,430/mt ($339/mt), RMB 2,400/m ($335/mt) and RMB 2,370/mt ($330.5/mt) delivered, including 13 percent VAT, respectively.