Tag: Shagang Jiangsu cuts scrap prices
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China: Shagang Steel slashes scrap buy prices by $7/t
China’s Shagang Steel has announced a price cut of RMB 50/t ($7/t) for the purchase of all grades of scrap, effective from 20 Oct. Post-revision, HMS (6-10 mm) prices are at RMB 2,860/t ($396/t) delivered to headquarters, including 13% VAT. Uncertainty about the recovery of steel demand in the market pushed scrap prices down.