UTC+8 ( BJT)

Shagang trims scrap prices by $11/t on lower steel output

ABSTRACT

Shagang Group, a leading electric-arc-furnace (EAF) mill in East China’s Jiangsu province, has trimmed its steel scrap procurement price by Yuan 70/tonne ($10.8/t) effective September 17, as many local steel mills have reduced their output upon the local authority’s order and their scrap consumption, thus, dropped recently, according to market sources.
With the latest adjustment, Shagang is paying Yuan 3,710-3,770/t including the delivery and the 13% VAT for domestically-produced HMS grade steel scrap, according to its release. Steel producers in Jiangsu have scaled down production or scheduled maintenance halts for the rest of the month, as the province, as the country’s second largest steel producing province

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