Eastern China’s largest private ferrous scrap consumer and EAF steelmaker- Shagang Jiangsu Steel group has announced another price cut for all grades of domestic steel scrap procurement and reduced its bids by RMB 30/MT (USD 4) effective from today 18th October’19. Notably, this the 3rd successive price cuts by the company in this week and 2nd in just 2 days.
As per updates, Shagang Steel is now paying RMB 2,700/MT (USD 381) inclusive of 13% VAT for HMS 3 (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT against the last report of RMB 2,730/MT yesterday on 17th Oct 19. While bids for other grades, including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,780/MT (USD 392) and RMB 2,740/MT (USD 387) respectively.
With other steel mills also following the suit, the continuous drop in scrap purchase bids being witnessed is mainly due to falling finished steel prices.
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