China: Shagang Steel cuts scrap buy prices again by $14/t

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China’s Shagang Steel has once again trimmed the scrap buy prices by RMB 100/t ($14/t) for all grades of scrap, effective from 31 Oct.
Post-revision, HMS (6-10 mm) prices stand at RMB 2,610/t ($359/t) delivered to headquarters, including 13% VAT.
Uncertainty in finished steel prices resulted in this continuous reduction in domestic scrap prices by the company.

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