Shagang cuts ferrous scrap buying prices by $4/t

After keeping its scrap procurement prices unchanged for more than two months, Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Wednesday morning that it was cutting its scrap buying prices by Yuan 30/tonne ($4.2/t) for all grades, effectively immediately.

After the latest adjustment, Shagang is paying scrap dealers Yuan 2,370-2,430/t for domestically produced HMS grade scrap, including delivery to its plants, according to the announcement. This price cut reflects the company's intention to ease the losses it is suffering by shaving input costs on its electric-arc-furnace (EAF) operations, Mysteel