China: Shagang Steel cuts scrap buy prices by $7/t

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China’s Shagang Steel has announced a price cut of RMB 50/t ($7/t) for the purchase of all grades of scrap, effective from 14 Oct.
Post-revision, HMS (6-10 mm) prices are at RMB 2,960/t ($416/t) delivered to headquarters, including 13% VAT.
Pessimistic finished steel demand and sales led to a fall in scrap prices.

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