On June 2, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced another increase in its scrap purchase price. This time, the company has raised its scrap purchase price by RMB 50/mt ($7.05/mt), signaling improved sentiments as regards the future prospects for the scrap market.
Accordingly, Shagang’s purchase prices for heavy melting scrap, HMS 1, 2 and 3 grades, have increased to RMB 2,890/mt ($408/mt), RMB 2,860/m ($403/mt) and RMB 2,830/mt ($399/mt) delivered, including 13 percent VAT, respectively.
Rebar futures prices in China have moved up over the past three days amid the improved sentiments among market players.
$1 = RMB 7.0939