On June 6, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced another increase in its scrap purchase price. This time, the company has increased its scrap purchase price by RMB 50/mt ($7.04/mt), signaling the continuous 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 2,940/mt ($414/mt), RMB 2,910/m ($410/mt) and RMB 2,880/mt ($406/mt) delivered, including 13 percent VAT, respectively.
Rebar futures prices in China have moved on a continuous uptrend over the past week amid improved sentiments and expectations of the government support of the real estate market.
$1 = RMB 7.1075