Tag: RMB 50/t

Shagang Steel, China’s largest steel producer, has reduced ferrous scrap procurement prices by RMB 50/t ($7/t) across grades, effective 18 Nov’24. Post-revision, HMS (6-10 mm) stood at RMB 2,510/t ($346/t), including 13% VAT. This marks the company’s first price cut in Nov’24 and is attributed to falling Shanghai Futures Exchange (SHFE) prices, which drove down…