Tag: China: Shagang lowers scrap buying prices by RMB 30/t amid seasonal demand slowdown

Shagang lowers scrap procurement prices by RMB 30/t Weak steel demand pressures scrap consumption outlook China’s largest steelmaker, Shagang Group, reduced its scrap purchase prices by RMB 30/t ($4/t) effective 24 June, with the benchmark heavy scrap grade revised to RMB 2,480/t ($365/t) from RMB 2,510/t ($369/t) previously. The price cut comes amid weakening steel…