Shagang pares 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 oan Tuesday morning that it would cut its steel scrap buying prices by Yuan 50/tonne ($7/t) for all grades, effective immediately.

After the latest adjustment, Shagang is now paying scrap dealers Yuan 2,410-2,470/t for domestically produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The reduction in the scrap purchase prices was in parallel with the recent decline in prices of finished steel