On May 8, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a further rise in its scrap purchase price. Accordingly, the company has raised its scrap purchase price by RMB 20/mt ($2.8/mt) following the previous increase of $4.2/mt recorded on May 7, with an accumulative increase of RMB 50/mt announced in the space of two days, reflecting the 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 2,890/mt ($407/mt), RMB 2,860/m ($403/mt) and RMB 2,830/mt ($399/mt) delivered, including 13 percent VAT, respectively.