China’s Shagang group has today lowered its scrap purchase price further by RMB 50/t ($7) for all grades. This is the fourth price cut in Sep’20. The price for HMS (6-10 mm) now stands at RMB 2,640/t ($387), inclusive of 13% VAT, delivered to headquarters. Shagang is eastern China’s largest EAF steelmaker and produced 41.1 mn t crude steel in CY’19.
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