Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of April 3 it has cut its scrap purchase prices by RMB 50/mt ($7/mt), signaling its bearish view of the future prospects for the market amid the current declining trend of local finished steel prices.
Shagang Group had cut its scrap purchase prices by RMB 30-50/mt ($4.3-7.1/mt) on March 30.