Shagang cuts scrap buying prices for first time this year

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Friday that it would pare its steel scrap purchase prices by Yuan 10-30/tonne ($1.5-4.3/t), effective the same day.

This marks the company's first price reduction for steel scrap purchases this year, after it had raised the prices three times during the past three months, Mysteel Global noted. With the latest adjustment, Shagang is now paying Yuan 2,450-2,510/t for domestically-produced HMS grade scrap, including the 13% VAT and delivery