China’s largest EAF steelmaker- Shagang Steel has increased scrap purchase price today by RMB 30/t ($5) for all grades, credible sources reported to SteelMint. The price for HMS (6-10 mm) stands at RMB 3,420/t ($522), inclusive of 13% VAT, delivered to headquarters. The prices are hovering three years high, as per SteelMint data. Price uptick in global scrap market along with a surge in Chinese domestic steel prices has led to price hike.
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