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Shagang rolls over long steel prices for early-Dec sales

Shagang Group, China’s largest rebar maker headquartered in East China’s Jiangsu province, has rolled over its list prices of long steel products, including rebar, wire rod and bar-in-coil unchanged from last ten days of November for domestic sales over December 1-10, probably on noting the domestic steel price softening recently, Mysteel Global noted.
The latest ten-day steel pricing policy indicate that Shagang may have its steel margins squeezed as the steel mill, also the country’s largest electric-arc-furnace-based steel producer, raised its steel scrap procurement price by Yuan 50/tonne ($7.6/t) effective November 26. Shagang’s latest pricing policy also aligns with the market cautiousness for the last month of 2020, and

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