UTC+8 ( BJT)

Shagang cuts scrap prices by another $7.4/t

ABSTRACT

Only three days after its last steel scrap price reduction, Shagang Group (Shagang), China's leading electric-arc-furnace (EAF) steelmaker, has lopped another Yuan 50/tonne ($7.4/t) off its ferrous scrap buying prices for deliveries starting May 13, a move that Chinese market sources interpreted as the mill's response to smoother scrap deliveries and softening domestic steel prices recently.
With the latest cut, Shagang, headquartered in East China's Jiangsu province, is paying Yuan 3,920-3,980/t including the delivery and the 13% VAT for domestically-produced HMS grade steel scrap, it advised suppliers.   "After its previous price cut on May 10, steel scrap deliveries to Shagang have surged," a Shanghai-based market watcher told

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