Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 7 it has raised its purchase prices for scrap by RMB 80/mt ($11.4/mt), reflecting its positive view of the prospects for the scrap market.
On October 17, Shagang had cut its scrap purchase prices by RMB 30/mt ($4.2/mt).
According to SteelOrbis’ data, average prices in the local Chinese scrap market have increased by RMB 3/mt ($0.4/mt) in the current week, while market players consider that the rising trend will likely continue in the near future.