Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 29 it has cut its scrap purchase prices by RMB 30/mt ($4.3/mt), signaling a more bearish view of the prospects for the scrap market trend.
As of November 27, Shagang had cut its purchase prices for scrap by RMB 30/mt ($4.3/mt).
Players in the local Chinese scrap market have started to adopt a more cautious stance.