On March 16, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a further decrease in its scrap purchase price. Accordingly, the company has cut its scrap purchase price by another RMB 50/mt ($7/mt) following the previous decrease of $7/mt recorded on March 15, reflecting the continuing 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 2,810/mt ($396/mt), RMB 2,780/m ($392/mt) and RMB 2,750/mt ($387/mt) delivered, including 13 percent VAT, respectively.