Eastern China’s largest private ferrous scrap consumer and EAF steelmaker – Shagang Jiangsu Steel group has announced another price cut for all grades of domestic steel scrap procurement and reduced its bids by RMB 30/MT (USD 4) effective from today 17th October’19. This is the 2nd price cut by the company in just 3 days this week.
As per updates, Shagang Steel is paying RMB 2,730/MT (USD 385) inclusive of 13% VAT for HMS 3 (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT against the last report of RMB 2,760/MT earlier this week. While bids for other grades, including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,810/MT (USD 396) and RMB 2,770/MT (USD 390) respectively.
The recent price cuts this week can be attributed to sufficient availability of scrap with the steel mills along with recent fall in the the finished steel prices on weak sales and imposed restrictions announced by Tangshan govt to curb air pollution.
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