China: Shagang Steel cuts scrap procurement price again

China’s largest EAF steelmaker, Shagang Jiangsu Steel, has announced the second reduction in scrap purchase price for Aug’21, as per latest reports.

• The steel producer has cut scrap purchase price by upto RMB 50/t ($8) for all grades effective from 9 Aug’21.
• Bearish steel market sentiments and lower global scrap prices have led to the cutback in scrap buying price.