On December 27, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.2/mt) decline in its scrap purchase price, following a RMB 30/mt decrease on December 11, reflecting continuous bearish 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 2,390/mt ($340/mt), RMB 2,360/mt ($336/mt) and RMB 2,330/mt ($331/mt) delivered, including 13 percent VAT, respectively.