Scrap traders in China anticipating further price hike were less interested to offer at current levels
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker – Shagang Jiangsu Steel group has announced a price hike for all grades of domestic steel scrap procurement by a significant margin, increasing its purchase price by RMB 80/MT (USD 11) effective from today 20th April’20.
The company increases its purchase price by RMB 80/MT (USD 11) to 2280/MT (USD 322) for HMS (6-10 mm thickness), inclusive of 13% VAT, delivering to headquarters works situated in Zhangjiagang north of Shanghai in China, in comparison with the last price revision to RMB 2200/MT registered a week ago on 8th April’20.
On the other hand, other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,360/MT (USD 333) and RMB 2,320/MT (USD 328) respectively.
Notably, this is the first price hike in around four months, as purchase price have been continuously falling since late Nov’19, dropping by around a total of RMB 560/MT (USD 79) during this period.
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