Shagang pares ferrous scrap purchase prices by $4/t

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 steel scrap buying prices by Yuan 30/tonne ($4.1/t) for all grades, effective immediately.

This marks the company's sixth cut in its ferrous scrap purchase prices so far this year and brings the total price reduction to Yuan 220/t, Mysteel Global noted. After the latest adjustment, Shagang is paying scrap dealers Yuan 2,340-2,400/t for domestically produced HMS grade scrap, including delivery to its plants,