China: Shagang Steel lifts scrap procurement prices by $7/t
Shagang Steel has recently announced an upward adjustment in the purchasing rates for ferrous scrap across grades, with effect from 12 Apr'24. The updated rates show an increase of RMB 50/t ($7/t). The revised prices of HMS (6-10 mm) stand at RMB 2,700/t ($373/t), including 13% VAT. This marks the first purchase price hike of CY'24 after consecutive price cuts since Jan.