On March 16, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a decrease in its scrap purchase price. This time the company has decreased its scrap purchase price by RMB 50/mt ($7/mt), signaling its cautious sentiments as regards the future prospects for the scrap market.
Accordingly, Shagang’s heavy scrap (heavy I-III) purchase price has decreased to RMB 3,300-3,350/mt ($478-486/mt) delivered, including 13 percent VAT.
Rebar futures prices have indicated a decreasing trend since March 15, exerting a negative impact on the scrap market.