On September 19, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a rise in its scrap purchase price. Accordingly, the company has increased its scrap purchase price by RMB 50/mt ($7/mt), signaling 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 3,030/mt ($423/mt), RMB 3,000/m ($418/mt) and RMB 2,970/mt ($414/mt) delivered, including 13 percent VAT, respectively.
Rebar futures prices in China have indicated an upward trend since September 11, exerting a positive impact on scrap prices.
$1 = RMB 7.1733
