Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of December 19 it has raised its scrap purchase price by RMB 80/mt (12.2/mt), signaling its bullish view of the future prospects for the market. Accordingly, Shagang’s heavy scrap price has risen to RMB 3,080/mt ($470.2/mt).
Shagang Group had increased its scrap purchase prices by RMB 50/mt (7.7/mt) on November 26.
$1 = RMB 6.5507