China: Shagang Steel further reduces scrap procurement prices by $8/t
Shagang Steel has cut ferrous scrap prices by RMB 60/t ($8/t) from 9 Aug'24, with HMS (6-10 mm) now priced at RMB 2,530/t ($353/t) including 13% VAT. This is the second price drop this month due to weakening finished steel prices and reduced demand from major mills. Domestic steelmakers have also announced unscheduled maintenance earlier in July to manage rebar surplus.