On September 27, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7.1/mt) increase in its scrap purchase price, following a RMB 30/mt cut on September 7, reflecting bullish 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 decreased to RMB 2,470/mt ($352/mt), RMB 2,440/m ($348/mt) and RMB 2,410/mt ($344/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.0101