China: Shagang Steel hikes ferrous scrap procurement prices by $21/t

Shagang Steel, China’s top steel producer, will raise ferrous scrap procurement prices by RMB 150/t ($21/t) for all grades, effective 9 Oct’24. Post-revision, HMS (6-10 mm) will be at RMB 2,560/t ($363/t), including 13% VAT. This is the company’s first price hike in Oct’24.
Meanwhile, the Chinese central bank’s efforts to revitalise the construction sector have boosted domestic steel demand and, in turn, scrap procurement.