Eastern China’s largest private ferrous scrap consumer and EAF steelmaker – Shagang Jiangsu Steel group has again announced a price hike for all grades of domestic steel scrap procurement, driven up by finished steel prices. The hike comes just a week after a price cut was witnessed when increased scrap inventory with mills had been observed last week.
The company has increased its scrap purchase price by Yuan 80/MT (USD 11) and the new prices are effective from today, 5th June’20.
The purchase price for HMS (6-10 mm thickness) has now stands at Yuan 2610/MT (USD 368), inclusive of 13% VAT, delivering to headquarters works situated in Zhangjiagang North of Shanghai in China, in comparison with the last revision to Yuan 2530/MT (USD 353) on 28th May’20.
While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at Yuan 2,690/MT (USD 379) and Yuan 2,650/MT (USD 373) respectively.
The market is expecting the domestic scrap prices to remain stable in the near future, supported by the finished steel prices which strengthened earlier this week.
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