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 RMB 80/MT (USD 11) effective from today, 22nd November’19. The sharp hike, coming after observing two successive price cuts last week, is on account of slight improvement in billet and finished steel performance.
After the said price revision, Shagang Steel is now paying RMB 2,790/MT (USD 397) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China, up by RMB 80/MT(USD 11)against the last report of RMB 2,710/MT on 13th Nov’19. While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,870/MT (USD 408) and RMB 2,830/MT (USD 402) respectively.
Other mills in the region have followed the price hike, and with steelmakers looking to replenish their inventories, slight further rise in prices can be expected in the short term
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