December 11, based in Jiangsu Province Shagang Group, China's largest private steel company, announced a reduction in the purchase price of scrap by 30 yuan/ton ($4.2/ton) after a decrease of 30-60 yuan/ton on November 22, reflecting continued bearish sentiment regarding the future prospects of the scrap market.
Accordingly, Shagang's purchase prices for HMS 1, 2, and 3 heavy metal scrap decreased to 2,420 yuan/ton (US$342/ton), 2,390 yuan/m (US$338/ton), and 2,360 yuan/t (US$333/ton) with delivery, including 13 percent VAT, respectively.
