Shagang Steel has further reduced its ferrous scrap procurement prices by RMB 50/t ($7/t) for all grades effective 24 Jul’24. Under the new pricing structure HMS (6-10 mm) is now priced at RMB 2,690-2,740/t ($370-378/t), including 13% VAT. Notably, this marks the company’s second price cut in July, bringing the total decline to RMB 100/t ($14/t).
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