China’s largest EAF steelmaker Shagang Jiangsu Steel has cut its scrap buying price again by RMB 50/t ($8/t) for all grades from 25 May’21. The company has cut prices by RMB 550/t ($86/t) in May’21 so far. Currently, the price for HMS (6-10 mm) stands at RMB 3,640/t ($568/t), inclusive of 13% VAT, delivered to headquarters. Chinese mills have rapidly lowered their raw material procurement costs amid declining finished steel prices.
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