Shagang raises its scrap purchase price by $7/mt on July 6

On July 6, Jiangsu-based Shagang Group, China’s largest private steelmaker, announced a RMB 50/mt ($7/mt) rise in its scrap purchase price, reflecting improved 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 increased to RMB 2,850/mt ($400/mt), RMB 2,820/m ($396/mt) and RMB 2,790/mt ($391/mt) delivered, including 13 percent VAT, respectively.    

$1 = RMB 7.1286