On May 7, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a rise in its scrap purchase price. Accordingly, the company has raised its scrap purchase price by RMB 30/mt ($4.2/mt) following the previous increase of $7/mt recorded on April 12, reflecting the continuing improvement in 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 increased to RMB 2,870/mt ($404/mt), RMB 2,840/m ($400/mt) and RMB 2,810/mt ($396/mt) delivered, including 13 percent VAT, respectively.