On August 9, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 60/mt ($8.4/mt) cut in its scrap purchase price, following a RMB 50/mt cut on August 5, 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 2,590/mt ($362.5/mt), RMB 2,560/m ($358/mt) and RMB 2,530/mt ($354/mt) delivered, including 13 percent VAT, respectively.