Prices fall to 11 months low on slowdown induced by corona virus outbreak.
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, after keeping its purchase price unchanged for two weeks in a row. The company has lowered its purchase price by RMB 60/MT (USD 8 ) for all major grades of domestic scrap, effective from today, 23rd March’20.
After the said price cut, Shagang Steel will now pay RMB 2,560/MT (USD 361) 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 50/MT (USD 7) against the last revision to RMB 2,620/MT on 3rd Mar’20. This is the lowest bid by the company in 11 months, as prior to this, the prices had fallen below RMB 2600/MT in 1st April’19.
While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,640/MT (USD 372) and RMB 2,600/MT (USD 366) respectively.
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