China: Shagang Steel trims scrap procurement price by $13/t

China’s Shagang Jiangsu Steel has announced the fourth reduction in its scrap procurement price during Oct’21 by RMB 80/t ($13) for all grades.

• After the revision, the price of HMS (6-10 mm) stands at RMB 3,650/t ($571), including 13% VAT.
• Chinese steel mills have sufficient scrap inventory and are not actively procuring scrap at present, SteelMint notes.