The company observed its first price cut for Scrap Purchase in over two months.
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker- Shagang Jiangsu Steel group has announced its first price cut for scrap purchase, after observing four successive price hikes in the last two months, since 20th Apr’20. The company has now lowered its scrap purchase price by RMB 30/MT (USD 4) and the new prices are effective from today, 28th May’20.
The purchase price for HMS (6-10 mm thickness) has now stood at RMB 2530/MT (USD 353), inclusive of 13% VAT, delivering to headquarters works situated in Zhangjiagang North of Shanghai in China, in comparison with the last revision to RMB 2,560/MT on 12th May’20.
While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,610/MT (USD 364) and RMB 2,570/MT (USD 359) respectively.
It has been observed that the finished steel prices in the region have been weakening in the recent few days, which contributed to dropping the scrap purchase price. Additionally, the domestic scrap shipments to the local steel plants in Eastern China, which were quite slow last week and till the start of this week, have now improved and increased arrivals were being witnessed now.
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