China: Shagang Steel lifts ferrous scrap purchase prices by $7/t
China's Shagang Steel has increased ferrous scrap procurement prices by RMB 50/t ($7/t) for all grades from 19 Dec'23, leading to a cost of RMB 2,960/t ($415/t) for HMS (6-10 mm) inclusive of 13% VAT as against RMB 2,910/t (408/t) on 9 Nov'23, delivered to their headquarters. This marks the third consecutive hike and first price revision for the month since 9 Nov'23.