Author: Drishya Yadav
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China: Shagang Steel reduces scrap purchase price by $8/t
Leading Chinese steelmaker Shagang Jiangsu Steel has again reduced its scrap procurement price for all grades by RMB 50/t ($8/t) today. After the revision, the price of HMS (6-10mm) stands at RMB 3,320/t ($520/t), including 13% VAT. Demand for scrap from steel mills has been impacted due to falling steel prices in China, SteelMint notes.