On January 11, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a decline in its scrap purchase price. Accordingly, the company has cut its scrap purchase price by RMB 30/mt ($4.2/mt), signaling sluggish 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 decreased to RMB 3,090/mt ($435/mt), RMB 3,060/m ($431/mt) and RMB 3,030/mt ($427/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.1087