Shagang Steel, China’s largest steel producer, has decided to increase ferrous scrap procurement prices by RMB 50/t ($7/t) across grades, effective 9 Nov’24. Post-revision, HMS (6-10 mm) scrap will be at RMB 2,560/t ($357/t), including 13% VAT. This marks the company’s first price hike in Nov’24. The increase is supported by stable finished steel prices and rise in rebar futures.
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