Shagang raises steel scrap purchase prices by another $7/t

Shagang Group (Shagang), China's largest electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Monday night that it would raise its steel scrap buying prices by another Yuan 50/tonne ($7/t) effective from December 26 deliveries. The company had added Yuan 50/t to its buying prices just one week earlier, as reported.

After the latest price adjustment, Shagang is paying scrap dealers Yuan 3,010-3,070/t for domestically processed HMS grade scrap, including delivery to its plants and the 13% VAT, according to the announcement. Shagang lifted the price mainly to attract more scrap deliveries from dealers, as the mill had seen a significant