Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of September 16 it has cut its scrap purchase prices by RMB 30/mt (4.4/mt), signaling its bearish view of the future prospects for the market.
Shagang Group had decreased its scrap purchase prices by RMB 30/mt ($4.4/mt) on September 12.
$1 = RMB 6.7825