On January 13, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7.1/mt) rise in its scrap purchase price, following a RMB 30/mt decrease on December 27, reflecting 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 2,440/mt ($348/mt), RMB 2,410/m ($344/mt) and RMB 2,380/mt ($339.5/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.0103