Shagang cuts scrap buying price by another $4.3/t
Nov 13, 2019 17:00
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang city in East China’s Jiangsu province, has lowered its procurement price for steel scrap again, clipping Yuan 30/tonne ($4.3/t) off buying prices for all grades effective from November 13 deliveries, the company announced on Wednesday morning.
With the latest adjustment, Shagang has now cut its scrap buying prices twice since November 9 by a total of Yuan 60/t, Mysteel Global notes. From Wednesday, Shagang is paying domestic scrap suppliers Yuan 2,790-2,840/t for HMS grade scrap including the delivery and the 13% VAT.
Shagang’s price cut was immediately