China: Shagang Steel lifts ferrous scrap purchase prices by $7/t
Shagang Steel has raised procurement prices for ferrous scrap across all grades by RMB 50/t ($7/t), effective 26 Dec'23. The adjusted price is now RMB 3,010/t ($421/t) for HMS (6-10 mm), inclusive of 13% VAT. This is an increase from the previous price of RMB 2,960/t ($415/t) on 19 Dec, for deliveries to their headquarters. It's the company's second consecutive price hike this month.