China: Shagang Steel lowers scrap purchase prices by $7/t

Shagang Steel has announced a reduction in purchase prices for ferrous scrap across all grades, effective from 18 Mar'24. The new prices have been decreased by RMB 50/t ($7/t). Consequently, the revised price for HMS (6-10 mm) now amounts to RMB 2,750/t ($382/t), inclusive of 13% VAT. This marks the fifth consecutive price reduction within this month. It's worth mentioning that the company had also lowered scrap procurement prices by RMB 50/t ($7/t) on 15 Mar'24.