On April 23, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a further increase in its scrap purchase price. Accordingly, the company has raised its scrap purchase price by another RMB 80/mt ($11.3/mt) following the previous rise of $7/mt recorded on April 12, reflecting the continuing bullish 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 2,840/mt ($400/mt), RMB 2,810/m ($396/mt) and RMB 2,780/mt ($391.5/mt) delivered, including 13 percent VAT, respectively.