China: Shagang Steel cuts scrap buy prices to nearly 2-year low

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China’s Shagang Steel’s scrap purchase prices touched a nearly 2-year low, falling to levels last witnessed in Nov’20.
After the revision on 13 Jul, prices of HMS (6-10mm) are at RMB 3,000/t ($446/t)- falling by RMB 100/t ($15/t) for all grades, including 13% VAT.
The company has trimmed scrap buy prices owing to sluggish domestic finished steel demand and sales.

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