Tag: China: Shagang Steel further reduces scrap procurement prices by $8/t

Shagang Steel has cut ferrous scrap prices by RMB 60/t ($8/t) from 9 Aug’24, with HMS (6-10 mm) now priced at RMB 2,530/t ($353/t) including 13% VAT. This is the second price drop this month due to weakening finished steel prices and reduced demand from major mills. Domestic steelmakers have also announced unscheduled maintenance earlier…