Another day, another Shagang steel scrap price cut

Bearish sentiment in China's ferrous scrap market and the downtrend seen in domestic finished steel prices prompted Shagang Group (Shagang), the country's largest electric furnace steelmaker, to clip its buying prices twice in less than 24 hours and obliging nearly 100 EAF makers nationwide to quickly double-up on their reductions as well, Mysteel Global has learned.

"Shagang's reduction on Thursday was not large enough, given the market's huge fluctuations, and so it had to make another cut almost immediately," a market source in Shanghai explained. On March 23 Shagang, headquartered in Zhangjiagang city in East China's Jiangsu, announced it was reducing its buying prices for all