On June 4, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 30/mt ($4.2/mt) decline in its scrap purchase price, reflecting cautious 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 2,880/mt ($406/mt), RMB 2,850/m ($401/mt) and RMB 2,820/mt ($397/mt) delivered, including 13 percent VAT, respectively.