China: Shagang Steel raises scrap procurement prices by $7/t

China’s leading steel mill, Shagang Steel, increased scrap procurement prices by RMB 50/t ($7/t) across all grades from 13 May’25. Following the adjustment, HMS (6-10 mm) stood at RMB 2,440/t ($337/t), up from RMB 2,390/t ($330/t), inclusive of 13% VAT. Overall, steel scrap prices in China have increased by RMB 100/t ($14/t) from Apr’25, marking the second price hike so far in 2025.