China: Shagang Steel reduces scrap procurement prices by $7/t

Shagang Steel has recently reduced its ferrous scrap prices by RMB 50/t ($7/t) for all grades effective 5 Aug’24. Under the new pricing structure HMS (6-10 mm) is now priced at RMB 2,590/t ($363/t), including 13% VAT. Notably, this marks the company’s first price cut in August.