Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of April 7 it has cut its scrap purchase prices by RMB 50/mt ($7/mt), having previously cut its scrap purchase prices by RMB 50/mt ($7/mt) and RMB 20-30/mt ($2.9-4.3/mt) respectively on April 4 and April 5, signaling its ongoing bearish view of the future prospects for the market amid the sudden slowdown in many economies due to the Covid-19 outbreak and the resulting severe impact on steel markets worldwide. In total, since Friday, April 3, the producer has cut its scrap purchase prices by RMB 125/mt or $17.6/mt.
Shagang Group had cut its scrap purchase prices by RMB 50/mt ($7.0/mt) on April 3.