China: Shagang Steel cuts scrap procurement prices by $10/t
Shagang Steel, a leading steel mill in China, has lowered purchase prices for ferrous scrap across all grades by RMB 70/t ($10/t) effective from 12 Mar'24. The revised price for HMS (6-10 mm) now stands at RMB 2,850/t ($396/t), including 13% VAT. This marks the third consecutive price reduction this month, influenced by the recent decline in Japanese Kanto scrap export tender prices.