Eastern China’s largest private ferrous scrap consumer and EAF steelmaker – Shagang Jiangsu Steel group has announced a price hike for all grades of domestic steel scrap procurement by a significant margin, increasing its purchase price by RMB 100/MT (USD 14) effective from today 9th October’19.
As per updates, Shagang Steel is paying RMB 2,790/MT (USD 390) inclusive of 13% VAT for HMS 3 (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, up by RMB 100/MT against the last report of RMB 2,690/MT on 20 Sept’19. While HMS 1 (thickness not less than 20 mm) and HMS 2 (6-10 mm thickness) stands at RMB 2,870/MT (USD 401) and RMB 2,830/MT (USD 396) respectively.
With lifting of emergency steel production restrictions after Golden week holidays, mills have resumed production. Lower stocks and tight supply of scrap in the domestic market have led to the significant rise in scrap purchase prices.
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