On December 3, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7/mt) increase in its scrap purchase price, following a RMB 50/mt decline on November 16, reflecting the 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 2,620/mt ($364/mt), RMB 2,590/m ($360/mt) and RMB 2,560/mt ($356/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.1996