China’s Shagang Steel hikes scrap purchase price by RMB 80/t ($12)

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China’s largest EAF steelmaker – Shagang Steel increased scrap purchase price today for the first time in May’21.
The company has raised scrap purchase price by RMB 80/t ($12) for all grades.
The company would now pay for HMS (6-10 mm) at RMB 3,620/t ($559), inclusive of 13% VAT, delivered to headquarters.
In order to secure scrap volumes and recent hike in imported scrap offers from Japan are the key reasons behind increased bids.

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