China’s Shagang Steel raises ferrous scrap purchase prices by $12/t

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China’s Shagang Steel raised scrap purchase prices by RMB 80/t ($12/t) for all grades, effective 13 Mar’23. This is the first hike this month.
After the revision, HMS (6-10 mm) prices are at RMB 3,280/t ($476/t) delivered to headquarters, including 13% VAT.
The inadequacy of China’s electric arc furnace steel mills has recently improved, so they resumed production. As a result, scrap demand and prices increased.

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