China: Shagang Steel increases ferrous scrap procurement prices by $7/t
Shagang Steel has raised procurement prices for ferrous scrap across all grades by another RMB 50/t ($7/t), effective 30 Dec'23. The adjusted price is now RMB 3,060/t ($432/t) for HMS (6-10 mm), inclusive of 13% VAT. This is an increase from the previous price of RMB 3,010/t ($425/t) on 26 Dec, for deliveries to their headquarters. The purchase price increased by RMB 150/t ($21/t) in the last two weeks.