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Shagang tables first scrap price cut this month


Shagang Group (Shagang), China's leading electric-arc-furnace (EAF) steel mill, has decided to trim its steel scrap procurement prices by Yuan 50/tonne ($7.3/t) for all deliveries effective from August 19, Mysteel Global has learned. The East China steel giant is responding to higher scrap deliveries to mills at a time when steel market sentiment is shaky, market watchers suggested.
The scrap price decrease was Shagang's first this month and follows five rounds of price increases, with the latest being by Yuan 150/t effective on two days earlier on August 17, as reported.   Starting Friday, Shagang is paying scrap collectors and dealers Yuan 3,320-3,380/t for domestically sourced HMS grade scrap including


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