China’s largest EAF steelmaker- Shagang steel is likely to hike its scrap purchase price by RMB 50/t ($7) tomorrow for all grades, credible sources reported to SteelMint. Its last price for HMS (6-10 mm) stood at RMB 2,890/t ($440), inclusive of 13% VAT, delivered to headquarters. Hike in global scrap and pick up in Chinese domestic steel prices have resulted in scrap purchase price hike.
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