China’s Shagang Steel has announced a price cut by RMB 50/t ($7) for all grades, effective from today. The price for HMS (6-10 mm) now stands at RMB 2,690/t ($394), inclusive of 13% VAT, delivered to headquarters. Decline in domestic steel prices amid plunge in futures has resulted in scrap purchase price cut. The steelmaker produced nearly 41.1 mnt steel in CY’19.
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