Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of October 18 it will reduce its purchase prices for scrap by RMB 30/mt ($4.2/mt), signaling its continuing cautious attitude towards the future prospects for the scrap market.
On both October 13 and October 17, Shagang had cut its purchase prices for scrap by RMB 30/mt ($4.2/mt).
It is thought that the decreasing trend in the Chinese domestic scrap market will likely continue in the near future.