- China’s largest EAF steelmaker, Shagang Jiangsu Steel, has announced the first reduction in scrap procurement price for Aug’21 after a month’s gap.
- The steel producer has cut its scrap purchase price by RMB 50/t ($8) for all grades effective from 6 Aug’21.
- After the revision, the current price for HMS (6-10 mm) stands at RMB 3,800/t ($587), inclusive of 13% VAT, delivered to headquarters.
- Bearish iron ore and steel market sentiments and lower global scrap prices have led to price cut.
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