Shagang raises 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 raise its steel scrap buying prices by Yuan 50/tonne ($7.2/t) for all grades, effective from Tuesday morning.

This marked the steelmaker's third price adjustment for ferrous scrap so far this year, bringing the total price increase to Yuan 150/t, Mysteel Global noted. With the latest price hike, Shagang is now paying scrap dealers Yuan 2,480-2,540/t for domestically produced HMS grade scrap, including the 13% VAT and delivery