On May 22, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt rise in its scrap purchase price, reflecting the improved 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 2,910/mt ($410/mt), RMB 2,880/m ($406/mt) and RMB 2,850/mt ($401/mt) delivered, including 13 percent VAT, respectively.