Tag: Shagang Jiangsu cuts scrap prices

China’s Shagang Jiangsu Steel has announced the first reduction in its scrap procurement price in Nov’21 by RMB 80/t ($13) for all grades of ferrous scrap. After the revision, the price of HMS (6-10 mm) stands at RMB 3,570/t ($558), including 13% VAT. Impacted by a weak steel outlook, scrap demand of Jiangsu’s steel mills…