- China’s Shagang Jiangsu Steel has announced the first reduction in its scrap procurement price in Nov’21 by RMB 80/t ($13) for all grades of ferrous scrap.
- After the revision, the price of HMS (6-10 mm) stands at RMB 3,570/t ($558), including 13% VAT.
- Impacted by a weak steel outlook, scrap demand of Jiangsu’s steel mills has weakened, SteelMint notes.
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