Shagang clips 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 Friday morning that it was cutting its steel scrap buying prices by another Yuan 30/tonne ($4.5/t) for all grades, effective immediately.

The adjustment, the steelmaker's third so far this month, followed Shagang's Yuan 30-90/t cut in its scrap purchase prices on Wednesday last week and its Yuan 30/t cut last Tuesday, as reported. With the latest reduction, Shagang is paying scrap dealers Yuan 2,330-2,390/t for domestically produced HMS grade scrap including