Shagang cuts ferrous scrap purchase prices by $7/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Friday morning that it was cutting its steel scrap buying prices by Yuan 50/tonne ($6.8/t) for all grades effective immediately. This marked the company's first price adjustment for ferrous scrap in 2025.

After the reduction, Shagang is paying scrap dealers Yuan 2,510-2,570/t for domestically produced HMS grade scrap including delivery to its plants, according to the announcement. The reduction was Shagang's attempt to slow the pace of scrap deliveries from suppliers, Mysteel Global understands, as the company has seen a rapid increase