Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 27 it has cut its scrap purchase prices by RMB 30/mt ($4.3/mt), signaling a bearish attitude towards the future prospects for the scrap market.
As of November 22, Shagang had raised its purchase prices for scrap by RMB 80/mt ($11.4/mt).
According to SteelOrbis’ data, average prices in the local Chinese scrap market have increased RMB 31/mt ($4.4/mt) in the current week, though market players have now started to adopt a more cautious stance.