Shagang raises its scrap purchase price by $7.2/mt on March 10

On March 10, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7.2/mt) rise in its scrap purchase price, following a RMB 50/mt increase on February 3, reflecting continuing 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 increased to RMB 2,540/mt ($368/mt), RMB 2,510/m ($364/mt) and RMB 2,480/mt ($359/mt) delivered, including 13 percent VAT, respectively. 

$1 = RMB 6.8982