China’s Shagang Steel trims ferrous scrap purchase prices by $7/t

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China’s Shagang Steel has cut ferrous scrap purchase prices by RMB 50/t ($7/t) for all grades, effective 16 Mar’23.
After the revision, HMS (6-10 mm) prices are at RMB 3,230/t ($470/t), delivered to headquarters, including 13% VAT.
After two consecutive hikes in the last two weeks, the company has decreased prices considering weaker steel demand and limited sales.

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