Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of January 6 it has raised its scrap purchase prices by RMB 80/mt (12.4/mt), signaling its bullish view of the future prospects for the market. Accordingly, Shagang’s heavy scrap price has risen to RMB 3,160/mt ($489/mt) delivered, including 13 percent VAT.
Shagang Group had increased its scrap purchase prices by RMB 80/mt (12.2/mt) on December 19.
$1 = RMB 6.4604