Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of September 25 it has cut its scrap purchase prices by RMB 50/mt (7.4/mt), signaling its bearish view of the future prospects for the market. Shagang Group had just decreased its scrap purchase prices by RMB 50/mt ($7.4/mt) on September 24.
Overall, the producer has reduced its scrap purchase prices by RMB 110/mt ($16/mt) in September, which reflects the pressure from lower steel demand in China.