China: Shagang Steel cuts 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 9 Apr’25. Post revision, HMS (6-10 mm) stood at RMB 2,340/t ($319/t), including 13% VAT. This marks the first price cut by the company in Apr’25 after keeping prices stagnant since 19 Mar. Overall, steel scrap prices in China have dropped by RMB 170/t ($20/t) from Mar’25.