Eastern China’s largest private ferrous scrap consumer and EAF steelmaker – Shagang Jiangsu Steel group has announced another price cut for all grades of domestic steel scrap procurement, by RMB 30/MT (USD 4) effective from today, 13th November’19. This comes as the 2nd price cut in 3 days, just days after a sharp price hike was observed last week, as the market remains quite volatile.
As per updates, Shagang Steel is paying RMB 2,710/MT (USD 386) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT(USD 4) against the last report of RMB 2,740/MT on 11th Nov’19. While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stands at RMB 2,790/MT (USD 398) and RMB 2,750/MT (USD 392) respectively.
In line with the recent price cuts, other steelmakers too have followed the suit, while due to an overall weak performance of finished steel in the region, the scrap purchase prices are likely to fluctuate at lower levels in the short term
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