On April 9, 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 30/mt decline on March 19, reflecting the slackened sentiments as regards the future prospects for the scrap market.
Accordingly, Shagang’s purchase prices for heavy melting scrap, HMS 1, 2 and 3 grades, have decreased to RMB 2,400/mt ($333/mt), RMB 2,370/m ($329/mt) and RMB 2,340/mt ($325/mt) delivered, including 13 percent VAT, respectively.