China: Shagang Steel increases scrap procurement prices by RMB 50/t ($7/t)

Shagang Steel has declared an additional increase of around RMB 50/t ($7/t) in ferrous scrap procurement prices with effect from today. The new price of HMS (6-10 mm) is now RMB 2,840/t ($391), including 13% VAT. Remarkably, this is the second increase in this month.