China: Shagang Steel hikes ferrous scrap procurement prices by $7/t
Shagang Steel, China's largest steel producer, raised its ferrous scrap procurement prices by RMB 50/t ($7/t) across all grades, effective 3 Dec'24. Following the increase, prices of HMS (6-10 mm) stood at RMB 2,560/t ($351/t), including 13% VAT. This is Shagang Steel's first price hike in Dec'24.