Shagang Group starts to cut local scrap purchase price

Monday, 14 October 2019 11:22:49 (GMT+3)   |   Istanbul

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.

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