Shagang cuts scrap buying prices by another $4.5/t

Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker based in East China's Jiangsu province, announced on Tuesday morning that it was cutting its steel scrap buying prices by Yuan 30/tonne ($4.5/t) for all grades, effective immediately.

The adjustment followed the company's Yuan 30-90/cut in its scrap purchase prices last Wednesday, as reported. With the latest reduction, Shagang is paying scrap dealers Yuan 2,360-2,420/t for domestically produced HMS grade scrap including delivery to its plants, according to the announcement. The steel giant's price cut soon put pressure on