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China: Shagang Steel reduces scrap procurement prices by $4/t

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Melting Scrap

BigMint Bureau

154 Reads

6 Jan 2025, 13:33 IST

China: Shagang Steel reduces scrap procurement prices by $4/t

China's leading steel mill, Shagang Steel, reduced scrap procurement prices by RMB 30/t ($4/t) across all grades from 6 Jan'25, with HMS (6-10 mm) now at RMB 2,480/t ($338/t), including 13% VAT. Notably, this marks the company's second price cut in Jan'25. With the Chinese New Year approaching (28 Jan-4 Feb), domestic steelmakers are gradually scaling back production, as their profit margins show no signs of recovery.