China: Shagang Steel increases scrap procurement prices by $7/t
Shagang Steel recently announced an increase in purchasing prices of ferrous scrap across all grades, effective as of 22 May 2024. The updated prices reflect a rise of RMB 50/t ($7/t). Under the revised pricing structure, HMS (6-10 mm) now stands at RMB 2,850/t ($394/t), including 13% VAT. This adjustment follows a previous price decrease of RMB 30/t enacted on 16 May.