Shagang raises its scrap purchase price by $7/mt

On May 13, 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 rise on April 25, signaling 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 2,500/mt ($347/mt), RMB 2,470/m ($343/mt) and RMB 2,440/mt ($339/mt) delivered, including 13 percent VAT, respectively.