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Shagang up steel scrap buying price by $8/t on firm demand

Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker, has raised its steel scrap procurement price by Yuan 50/tonne ($7.6/t) effective November 26, according to company release, which has indicated the remaining firm demand from the Chinese steel mills while the limited supply in winter.
This has been the second scrap price rise by Shagang in November, and with the latest rise, the steel mill in Jiangsu, East China, is paying Yuan 2,940-3,000/t for HMS grade scrap including delivery and the 13% VAT. “Shagang had to raise the prices for more scrap deliveries, as recently


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