Author: Rashi
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China’s Shagang Steel announces another sharp scrap purchase price cut in May’21
Shagang Steel, the largest steel enterprise in Jiangsu province in east China, lowered its scrap buying prices further by RMB 70/tonne ($11/t) across grades on 24 May’21. It may be recalled, the mill had lowered the prices by RMB 100/t ($16/t) last weekend. A steep decline in Chinese steel futures has resulted in falling domestic…