Eastern China’s largest private ferrous scrap consumer and EAF steelmaker- Shagang Jiangsu Steel group has further lowered its domestic price for scrap procurement. This is the third consecutive price cut in six days, effective from today, 3rd April’20.
The company has lowered its purchase price by RMB 50/MT (USD 7) to 2380/MT (USD 335) 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 revision to RMB 2,430/MT on 1st 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 2,460/MT (USD 347) and RMB 2,420/MT (USD 341) respectively.
This is the lowest scrap purchase price since May’18 when it was recorded at RMB 2370/MT. Further, it was noted that scrap purchase prices with this a total of around RMB 100/MT price cut by the company in six days.
Further, scrap prices are expected to remain weak in the near future as mills are likely to suppress scrap purchase prices due to the current price trend of finished products and futures, still looking weak.
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