Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of June 24 it has raised its scrap purchase prices by RMB 50/mt ($7.1/mt), signaling its attempt to increase the flow of scrap to its facilities.
Shagang Group had cut its scrap purchase prices by RMB 30/mt ($4.2/mt) on June 18.
$1 = RMB 7.0555