Shagang Steel has recently announced an upward adjustment in the purchasing rates for ferrous scrap across grades, with effect from 22 Apr’24. The updated rates show an increase of RMB 80/t ($11/t). The revised prices of HMS (6-10 mm) stand at RMB 2,780/t ($384/t), including 13% VAT. This marks the second purchase price hike of CY’24 after consecutive price cuts since Jan.
