Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of October 30 it has raised its scrap purchase prices by RMB 50/mt (7.5/mt), signaling its bullish view of the future prospects for the market. Accordingly, Shagang’s heavy melting scrap price has risen to RMB 2,850/mt ($425/mt) delivered, including 13 percent VAT.
Shagang Group had increased its scrap purchase prices by RMB 50/mt ($7.5/mt) on October 24.
$1 = RMB 6.705