Shagang cuts ferrous scrap purchase prices by $4.5/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Wednesday morning that it was cutting its steel scrap purchase prices by Yuan 30/tonne ($4.5/t) with immediate effect.

With the latest adjustment, Shagang is now paying Yuan 2,390-2,450/t for domestically-produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. Shagang last adjusted its prices four months ago on July 4 when it clipped its steel scrap purchase prices by Yuan 50/t,