Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has announced that as of October 13 it will decrease its purchase prices for scrap by RMB 30/mt ($4.2/mt), signaling its cautious attitude towards prospect for the future scrap market.
As of October 9, Shagang had increased its scrap purchase prices by RMB 100/mt ($14/mt).
Shagang’s move in cutting purchase prices for scrap might signal the end of this round of uptrend in scrap prices in China.