Eastern China’s largest private ferrous scrap consumer and EAF steelmaker- Shagang Jiangsu Steel group has announced another price cut for its domestic scrap procurement, in three days. The company has lowered its purchase price by RMB 30/MT (USD 4) for all major grades of domestic scrap, effective from today, 26th March’20.
After the said price cut, Shagang Steel will now pay RMB 2,530/MT (USD 356) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT (USD 4) against the last revision to RMB 2,560/MT on 23rd Mar’20.
While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,610/MT (USD 267) and RMB 2,570/MT (USD 262) respectively.
It is expected that the scrap purchase price may fall further in the coming days. Eastern China’s steel producers have slowly started their production with less scrap consumption, to keep the scrap purchase price steady.
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