Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of March 29 it has cut its scrap purchase prices by RMB 30-50/mt ($4.3-7.1/mt), signaling its bearish view of the future prospects for the scrap market due to the worsening situation amid the spread of the coronavirus worldwide.
Shagang Group had cut its scrap purchase prices by RMB 30/mt ($4.3/mt) on March 26.
As reported by SteelOrbis previously, according to the forecast made by the China Association of Metal Scrap Utilization (CAMU), scrap consumption in China will inevitably decline in the first quarter of this year, while it will decrease by 10-15 percent in the full year of 2020