Eastern China’s largest ferrous scrap producer and EAF steelmaker- Jiangsu Shagang Group has announced a price hike for all the grades of domestic scrap procurement by RMB 50/t ($ 7) which can be effective from today, 13th July’20.
The company has increased its domestic scrap prices after around two weeks. Notably, the purchase prices have increased six months high, since Dec’19, when it was reported at RMB 27000/t.
The purchase price of HMS (6-10 mm) thickness has moved up to RMB 2700/t ($ 386), inclusive of 13% VAT delivering to headquarters works at Zhangjiagang North of Shanghai in China, in comparison with RMB 2650/t on 28th June’20.
Similarly, for the other grades of HMS (10-20 mm) thickness stands at RMB 2730/t ($ 390) and for HMS (not less than or equal to 20 mm) stands at RMB 2760/t ($ 394).
Many steel mills have resumed their production in other regions as well, hence scrap demand has also increased, which may lead to further increase in domestic scrap purchase prices. Meanwhile, prices for semi-finished and finished steel products have also increased in the closing of last week.
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