On January 5, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a slight rise in its scrap purchase price for its production bases in Taozhuang in Zhejiang Province, in Shanghai and in Suqian in Anhui Province. Accordingly, the company has raised its scrap purchase price by RMB 20/mt ($2.8/mt), signaling its bullish sentiment as regards the future prospects for the scrap market in the areas in question.
As previously reported by SteelOrbis, on December 30, Shagang Group had raised its scrap purchase price by RMB 50/mt ($7/mt).
$1 = RMB 7.1029
