Shagang cuts its scrap purchase price by $7/mt on July 19

On July 19, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7/mt) cut in its scrap purchase price, reflecting 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 2,800/mt ($393/mt), RMB 2,770/m ($388.5/mt) and RMB 2,740/mt ($384/mt) delivered, including 13 percent VAT, respectively.