Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of January 9 it has raised its scrap purchase prices by RMB 150/mt (23/mt), signaling its bullish view of the future prospects for the market. Accordingly, Shagang’s heavy scrap price has risen to RMB 3,310/mt ($512/mt).
Shagang Group had increased its scrap purchase prices by RMB 80/mt (12.4/mt) on January 6.
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