On October 18, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7/mt) cut in its scrap purchase price, its the first scrap price cut in October this year, reflecting the prevailing cautious 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 2,570/mt ($360/mt), RMB 2,540/m ($356/mt) and RMB 2,510/mt ($352/mt) delivered, including 13 percent VAT, respectively.