Shagang raises ferrous scrap buying prices by $7/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Monday evening that it would lift its steel scrap purchase prices by Yuan 50/tonne ($7.4/t), effective Tuesday.

With its latest adjustment, Shagang is now paying Yuan 2,500-2,560/t for domestically-produced HMS grade scrap, including the 13% VAT and delivery to its plants, according to the announcement. The company intends to attract more deliveries from steel scrap suppliers to replenish its feed stocks, Mysteel Global noted. During May 4-10, the