Shagang raises ferrous scrap purchase prices by $7/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steel producer headquartered in East China's Jiangsu province, announced on Friday evening that it will lift its steel scrap buying prices by Yuan 50/tonne ($7/t) for all grades, effective on Saturday.

With the latest adjustment, Shagang is paying scrap dealers Yuan 2,440-2,500/t for domestically produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The company attempted to attract more deliveries of the feedstock from steel scrap suppliers since its in-plant scrap inventories had