Tag: China: Shagang Steel further reduces scrap procurement prices by $7/t

China’s Shagang Steel has implemented an additional price cut of its ferrous scrap procurement prices by RMB 50/t ($7/t) for all grades effective 26 Jul’24. The new pricing structure sets HMS (6-10 mm) at RMB 2,640-2,690/t, including 13% VAT. Notably, this marks the company’s third price cut in July, accumulating the total reduction of RMB…