Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 13 it has cut its scrap purchase prices by RMB 30/mt ($4.3/mt), signaling a more bearish attitude towards the future prospects for the scrap market.
As of November 10, Shagang had decreased its purchase prices for scrap by RMB 30/mt ($4.3/mt).
According to SteelOrbis’ data, average prices in the local Chinese scrap market have decreased RMB 1/mt ($0.14/mt) in the current week, while market players consider that the decreasing trend may continue in the coming period.