Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of July 17 it has raised its scrap purchase prices by RMB 80/mt ($12.4/mt), signaling its bullish sentiments of the future prospects for the market. Accordingly, Shagang’s heavy scrap purchase price has increased to RMB 3,910/mt ($604/mt) delivered, including 13 percent VAT.
Previously on June 16, Shagang Group has raised its scrap purchase prices by RMB 80/mt ($12.5/mt).
This move by Shagang signals its bullish view towards prospect for the future scrap market amid the tight supply and recent increasing trend in ferrous metal futures prices.
$1 = RMB 6.47