China: Shagang Steel reduces scrap procurement prices by $4/t after prolonged stagnation

China’s leading steel mill, Shagang Steel, reduced scrap procurement prices by RMB 30/t ($4/t) across all grades from 19 Mar’25. As a result, HMS (6-10 mm) is now priced at RMB 2,370/t ($328/t), including 13% VAT. This marks the first price cut by the company in Mar’25 after keeping prices stagnant since 9 Jan’25. Overall, steel scrap prices in China have dropped by RMB 140/t ($20/t) from Jan’25.