Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of May 28 it has cut its scrap purchase prices by RMB 30/mt ($4.2/mt), signaling its bearish view of the future prospects for the market.
Shagang Group had raised its scrap purchase prices by RMB 80/mt ($11.3/mt) on May 12.
$1 = RMB 7.1277