Shagang cuts scrap purchase price by $7.3/mt as of Aug 30, after two previous declines

Tuesday, 30 August 2022 09:53:38 (GMT+3)   |   Shanghai
       

Jiangsu-based Shagang Group, China’s largest private steelmaker, has announced that as of August 30 it has cut its scrap purchase price by RMB 50/mt ($7.3/mt), reflecting continuous bearish sentiments towards the prospect for the future scrap market. Accordingly, Shagang’s heavy scrap (heavy I-III) purchase price has declined to RMB 3,220-3,280/mt ($468-477/mt) delivered, including 13 percent VAT.

Previously on August 19 and August 20, Shagang Group had cut its scrap purchase price by RMB 50/mt ($7.5/mt) for two times.

During August 1-17, Shagang Group had raised its scrap purchase price by RMB 700/mt ($103/mt).

However, Shagang Group decided to cut its scrap purchase price by RMB 50/mt on August 19, August 20 and August 30, respectively.

The latest move by Shagang signals that the producer has been bearish following previous rises in scrap purchase prices.

$1 = RMB 6.8802


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