Shagang lifts 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 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 second price adjustment for ferrous scrap by the steelmaker so far this year after it raised prices by Yuan 50/t three weeks ago, Mysteel Global noted. With the latest price increase, Shagang is now paying scrap dealers Yuan 2,430-2,490/t for domestically produced HMS grade scrap, including the