- China’s Shagang Steel has announced a cut of RMB 50/t ($7/t) in scrap purchase prices for all grades from the last week’s closing.
- After revision, HMS (6-10 mm) prices are at RMB 3,270/t ($480/t) delivered to headquarters, including 13% VAT.
- The demand of end users for finished steel declined while scrap supply is high, which resulted in the drop in prices.
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