Shagang raises ferrous scrap purchase 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 ($7.2/t) for all grades, effective from Tuesday morning.

This marked the first scrap price adjustment by the steel company after it had cut its purchase prices for the feed five times during November-December last year by a total of Yuan 150-180/t, Mysteel Global noted. With the latest price increase, Shagang is now paying scrap dealers Yuan 2,380-2,440/t for