Another day, another Shagang scrap price cut
Oct 18, 2019 16:00
Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang city in East China’s Jiangsu province, has lowered its procurement price for steel scrap again, clipping Yuan 30/tonne ($4.2/t) off buying prices for all grades effective from October 18 deliveries, the company announced on Friday morning. Shagang has now cut its scrap prices three times since October 13 by a total of Yuan 90/t, Mysteel Global notes.
After the adjustment, Shagang is now paying domestic scrap suppliers Yuan 2,770-2,820/t for HMS grade scrap including the delivery and the 13% VAT.
Shagang’s price cut was immediately reflected in Zhangjiagang’s spot market for scrap where the price for 6-8mm common-grade carbon steel scrap fell by another Yuan 20/t on Friday