Shagang cuts scrap buying prices again, its 6th in 5 weeks

Shagang Group (Shagang), China's leading electric-arc-furnace (EAF) steelmaker headquartered in Zhangjiagang city in East China's Jiangsu province, has lowered its procurement prices for ferrous scrap again, clipping another Yuan 50/tonne ($7.2/t) off buying prices of all grades effective from May 5 deliveries, the company announced on Friday morning.

Though the latest cut is its first this month, Shagang has now cut scrap buying prices no fewer than six times since April 11 by a total of Yuan 300/t, Mysteel Global notes. After Friday's adjustment, the steelmaker is paying Yuan 2,820-2,880/t including delivery and the 13% VAT for