China’s Shagang cuts scrap purchase price to nearly one-month low

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China’s largest EAF steelmaker Shagang Jiangsu Steel has announced a cut in its scrap purchase price today.
The company has slashed scrap procurement price by RMB 50/t ($8) for all grades, effective from 26 May’21.
After the latest revision, the current price for HMS (6-10 mm) stands at RMB 3,590/t ($568), inclusive of 13% VAT, delivered to headquarters.
Notably, scrap prices are seen edging close to one-month low, as per SteelMint data.

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