China: Shagang Steel Cuts Scrap Purchase Price Upto USD 6

After observing a sharp hike in prices last week, eastern China's largest private ferrous scrap consumer and EAF steelmaker - Shagang Jiangsu Steel group has now announced a price cut for all grades of domestic steel scrap procurement, by a considerable RMB 30-40/MT (USD 4-6) effective from today 11th November'19.

As per updates, Shagang Steel is paying RMB 2,740/MT (USD 391) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China, down by RMB 40/MT(USD 6)against the last report of RMB 2,780/MT on 7th Nov'19. While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stands at RMB 2,820/MT (USD 403) and RMB 2,780/MT (USD 397) respectively.

The purchase price for other grades like charging scrap 1 (6-10 mm) and scrap (2-4mm) was cut by RMB 30/MT. The price lowering was followed by other mills as well.