Shagang cuts ferrous scrap buying prices by $4/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 will pare its steel scrap buying prices by Yuan 30/tonne ($4.2/t) for all grades, effective immediately.

This is the first scrap price adjustment by the steel company since it raised its purchase prices for the key EAF feedstock twice by a total of Yuan 100/t in July, Mysteel Global noted. With the latest price reduction, Shagang is now paying scrap dealers Yuan 2,460-2,520/t for domestically produced