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China's Shagang cuts steel scrap buying prices by $12.5/t

ABSTRACT

Shagang Group (Shagang), China's leading electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang, East China's Jiangsu province, has trimmed its steel scrap procurement price by Yuan 80/tonne ($12.5/t) for deliveries effective from October 22 in response to higher scrap deliveries to mills while recent shaky steel market sentiment.
The latest scrap price decrease was the first in a month or after two rounds of price increments with the latest increase at Yuan 100/t effective October 12, and starting Friday, Shagang is paying Yuan 3,780-3,840/t for domestically sourced HMS grade scrap including the delivery to its steelworks and the

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