Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of May 12 it has raised its scrap purchase price by RMB 80/mt ($11.3/mt), signaling its bullish view of the future prospects for the market.
This is the third price increase by the producer this month. Shagang Group had raised its scrap purchase prices by RMB 100/mt ($14.2/mt) on May 6. In total, Shagang Group has increased its scrap purchase price by RMB 230/mt or $32/mt in May so far.
$1 = RMB 7.0919