Shagang raises ferrous scrap buying prices by $7/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, has raised its steel scrap buying prices by Yuan 50/tonne ($6.9/t) for all grades, effective from Friday morning.

The announcement made on Thursday evening marked the company's first price increase in its ferrous scrap purchase prices this year, having pared its prices no fewer than six times in a row by a total of Yuan 220/t during the past four months, Mysteel Global noted. After the latest adjustment,