On August 15, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced another RMB 80/mt ($11.2/mt) cut in its scrap purchase price, following a RMB 60/mt cut on August 12, reflecting continuing bearish 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 2,450/mt ($343/mt), RMB 2,420/m ($339/mt) and RMB 2,390/mt ($334.5/mt) delivered, including 13 percent VAT, respectively.