Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of January 29 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 3,250/mt ($502/mt).
Shagang Group had also cut its scrap purchase prices by RMB 30/mt (4.6/mt) earlier this week on January 25.
$1 = RMB 6.4709