Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of November 8 it has cut its scrap purchase prices by RMB 50/mt ($7.8/mt), signaling its bearish sentiments as regards the future prospects for the market. Accordingly, Shagang’s heavy scrap purchase price has decreased to RMB 3,530/mt ($552/mt) delivered, including 13 percent VAT.
Previously, on November 5, Shagang Group had cut its heavy scrap purchase price by RMB 50/mt ($7.8/mt).
The downtrend of steel prices amid declining ferrous metal futures prices has caused Chinese steelmakers cut their purchase prices for scrap.
$1 = RMB 6.3959