On March 9, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a decrease in its scrap purchase price. Accordingly, the company has cut its scrap purchase price by RMB 30/mt ($4.2/mt) following the previous decrease recorded on March 6, reflecting the continuous bearish 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 2,980/mt ($420/mt), RMB 2,950/m ($415.5/mt) and RMB 2,920/mt ($411/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.0969