China: Shagang Steel trims scrap buy prices by $7/t

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China’s Shagang Steel has announced a price cut of RMB 50/t ($7/t) for the purchase of all grades of scrap, effective from 18 Oct.
Post-revision, HMS (6-10 mm) prices are at RMB 2,910/t ($409/t) delivered to headquarters, including 13% VAT.
Limited finished steel demand and sales resulted a fall in scrap prices.

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