Shagang pares ferrous scrap buying prices by $7/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steel producer headquartered in East China's Jiangsu province, announced on Tuesday morning that it was cutting its steel scrap buying prices by Yuan 50/tonne ($6.9/t) for all grades with immediate effect.

After its latest adjustment, Shagang is paying scrap dealers Yuan 2,390-2,450/t for domestically produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The price cut indicates the company's intention to shave input costs, as the recent declines in steel prices have caused