On July 26, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced another RMB 50/mt ($7/mt) cut in its scrap purchase price, following a RMB 50/mt cut on July 22, reflecting continuing 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 2,700/mt ($379/mt), RMB 2,670/m ($374.5/mt) and RMB 2,640/mt ($370/mt) delivered, including 13 percent VAT, respectively.
