Shagang raises ferrous scrap buying prices to attract deliveries

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

After the latest adjustment, Shagang is now paying scrap dealers Yuan 2,460-2,520/t for domestically produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The price hike is aimed at attracting more deliveries from steel scrap suppliers, so that the company's feed materials