Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of October 17 it will reduce its purchase prices for scrap by RMB 30/mt ($4.2/mt), signaling the continuing cautious attitude towards future prospects for the scrap market.
As of October 13, Shagang had cut its purchase prices for scrap by RMB 30/mt ($4.2/mt).
According to SteelOrbis’ data, average prices in the local Chinese scrap market have decreased RMB 8/mt ($1.1/mt) in the current week, and this decreasing trend will likely continue in the near future.