Shagang Steel has recently reduced its ferrous scrap prices by RMB 60/t ($8/t) for all grades effective 13 Aug’24. Under the new pricing structure HMS (6-10 mm) is now priced at RMB 2,470/t ($344/t), including 13% VAT. Notably, this marks the company’s third price cut in August, bringing the total decline to RMB 170/t ($24/t).
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