Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of January 25 it has cut its scrap purchase prices by RMB 30/mt (4.6/mt), signaling its bearish view of the future prospects for the market. Accordingly, Shagang’s heavy scrap purchase price has declined to RMB 3,280/mt ($506/mt).
Shagang Group had increased its scrap purchase prices by RMB 150/mt (23/mt) on January 9.
$1 = RMB 6.4819