Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of May 6 it has raised its scrap purchase prices by RMB 100/mt ($14.2/mt), signaling its bullish view of the future prospects for the market. Shagang Group had increased its scrap purchase prices by RMB 50/mt ($7.1/mt) on May 3. As a result, in total since the beginning of the month its scrap purchase prices have risen by RMB 150/mt ($21.2/mt).
Shagang Group had also increased its scrap purchase prices in April, raising them by RMB 50/mt ($7.1/mt) on April 22.
$1 = RMB 7.069