Shagang cuts ferrous scrap purchase prices by $4/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Tuesday morning that it was cutting its steel scrap purchase prices by Yuan 30/tonne ($4.4/t) with immediate effect.

With the latest adjustment, Shagang is now paying Yuan 2,470-2,530/t for domestically-produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The steady decline in the prices of finished steel products prompted domestic steelmakers to reduce their buying prices for raw materials to