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

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China’s Shagang Steel reduced ferrous scrap purchase prices by RMB 80/t ($12/t) for all grades, effective 24 Mar’23.
After the revision, HMS (6-10 mm) prices are at RMB 3,120/t ($456/t), delivered to headquarters, including 13% VAT.
The company continued trimming bids for the second time in a row this week amid weaker steel demand.

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