China: Shagang Steel further reduces scrap procurement prices by $4/t
Shagang Steel has announced a further reduction in purchase prices for ferrous scrap, effective 12 Jun'24. The updated prices reflect a decrease of RMB 30/t ($4/t). Under the new pricing structure, HMS (6-10 mm) is now priced at RMB 2,740/t ($378/t), including 13% VAT. Notably, this marks the company's third price cut in June, bringing the total decline to RMB 110/t ($15/t).