On May 12, 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 30/mt decline on March 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 2,560/mt ($374/mt), RMB 2,530/m ($370/mt) and RMB 2,500/mt ($365.5/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 6.8401
