Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of April 8 it has cut its scrap purchase prices by RMB 50/mt ($7.1/mt), signaling its bearish view of the future prospects for the market due to the ongoing Covid-19 pandemic which has been exerting an enormous impact on the steel market worldwide.
Shagang Group had cut its scrap purchase prices by RMB 50/mt ($7.1/mt) on April 7. Since early April, the company has reduced scrap prices by a total of RMB 220-230/mt or $32/mt.
$1 = RMB 7.0483