China’s Shagang Steel cuts ferrous scrap purchase prices by $7/t

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China’s Shagang Steel has trimmed scrap purchase prices for the first time this month by RMB 50/t ($7/t) for all grades, effective 14 Feb’23.
After the revision, HMS (6-10 mm) prices are at RMB 3,150/t ($462/t) delivered to headquarters, including 13% VAT.
After two consecutive hikes, the company has lowered bids.

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