China’s largest EAF steelmaker Shagang Jiangsu Steel has declined its scrap buying price further by RMB 100/t ($16/t) for all grades today- the fifth such price cut in May’21 so far. After the revision, the current price for HMS (6-10 mm) stands at RMB 3,760/t ($584/t), inclusive of 13% VAT, delivered to headquarters. A steep decline in Chinese steel futures has resulted in falling domestic steel prices triggering decline in scrap purchase bids.
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