Shagang Steel recently announced a reduction in purchasing prices of ferrous scrap across all grades, effective as of 16 May, 2024. The updated prices reflect a decrease of RMB 30/t ($4/t). Under the revised pricing structure, HMS (6-10 mm) now stands at RMB 2,800/t ($388/t), including 13% VAT. This adjustment follows a previous price increase of RMB 50/t enacted on 8 May of this month.
