Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 10 it has cut its purchase prices for scrap by RMB 30/mt ($4.3/mt), signaling a cautious view of the future prospects for the local scrap market.
As of November 7, Shagang had increased its purchase prices for scrap by RMB 80/mt ($11.4/mt).