China: Shagang Steel hikes scrap procurement prices by $12/t

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China’s Shagang Steel has increased scrap buy prices for the first time this week by RMB 80/t ($12/t) for all grades, effective 13 Dec’22.
Post-revision, HMS (6-10 mm) prices are at RMB 3,090/t ($444/t) delivered to headquarters, including 13% VAT.
Following the positive trend in Chinese finished steel prices, the company has increased its bids to secure more scrap before the holidays.

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