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

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- China’s Shagang steel has reduced scrap buy prices for the first time this week by RMB 50/t ($7/t) for all grades, effective 20 Dec’22.
- Post-revision, HMS(6-10 mm) prices are at RMB 3,040/t ($435/t) delivered to headquarters, including 13% VAT.
- The company has reduced prices after hike for two consecutive weeks due to weaker demand and limited sales.

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