Shagang cuts ferrous scrap purchase prices by $4/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steel producer headquartered in East China's Jiangsu province, announced on Saturday morning that it was cutting its steel scrap buying prices by Yuan 30/tonne ($4.3/t) for all grades with immediate effect.

After the latest price adjustment, Shagang is now paying scrap dealers Yuan 2,330-2,390/t for domestically produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The price reduction may slow deliveries of steel scrap from local suppliers to Shagang, since the steel producer