Shagang slashes steel scrap buying price by $4.3/t

Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang city in East China’s Jiangsu province, lowered its steel scrap procurement price by Yuan 30/tonne ($4.3/t) for all grades effective from December 8 deliveries, the company announced on the same day.
Sunday’s cut was Shagang’s first for December though the mill clipped its scrap buying prices no fewer than four times in November, Mysteel Global notes. After this adjustment, Shagang is now paying Yuan 2,780-2,830/t for HMS grade scrap including delivery and the 13% VAT. The mill’s decision to pare its


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