Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has announced that as of October 9 it will increase its purchase prices for scrap by RMB 100/mt ($14/mt), which is expected to exert a positive impact on scrap prices in the Chinese domestic market.
According to SteelOrbis’ data, average local scrap prices in China have increased by RMB 27/mt ($3.8/mt) this week, with the rising trend likely to continue in the near future.