- China’s Shagang Jiangsu Steel has announced the second reduction in scrap procurement prices this week by RMB 80/t ($13/t) for all grades from 19 Nov’21.
- After the revision, the price of HMS (6-10mm) stands at RMB 3,240/t ($507/t), including 13% VAT, delivered to headquarters.
- Bearish steel market sentiments and piling up of inventories at mills have led to the cutback in scrap buy prices.
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