China’s Shagang Steel has reduced its ferrous scrap procurement prices by RMB 30/t ($4/t) for all grades, effective 9 Sep’24. Revised HMS (6-10 mm) prices stood at RMB 2,360/t ($332/t), including 13% VAT. This represents the company’s first price cut in Sep’24, following an adjustment on 16 Aug’24. Chinese domestic scrap prices have been under pressure due to limited buying and falling rebar prices amid increased supply.
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