On January 18, 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 another RMB 30/mt ($4.2/mt) following the previous decrease recorded on January 11, signaling continuous 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 3,060/mt ($430/mt), RMB 3,030/m ($426/mt) and RMB 3,000/mt ($422/mt) delivered, including 13 percent VAT, respectively.
$1 = RMB 7.1174