China’s leading steel mill, Shagang Steel, reduced scrap procurement prices by RMB 30/t ($4/t) for all grades from 7 Jan’25, with HMS (6-10 mm) now at RMB 2,450/t ($334/t), including 13% VAT. Notably, this marks the company’s third consecutive price cut in Jan. As the Chinese New Year (28 Jan-4 Feb) approaches, domestic steelmakers are slowly reducing production.
China: Shagang Steel reduces scrap procurement prices by $4/t
by Cash China steel mill China.steel Chinese new year domestic steelmakers HMS (6-10 mm) HMS3 ≥6mm Shagang 2450($341) ↓30($4) Tax Included January 2025 Price Cut production reduction Scrap market Scrap Prices scrap procurement prices Shagang Steel Steel Industry steel Market steel price trends Steel Production
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