On March 6, 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 50/mt ($7.0/mt) following the previous decrease recorded on January 18, reflecting 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 3,010/mt ($424/mt), RMB 2,980/m ($420/mt) and RMB 2,950/mt ($415/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.1016