China: Shagang Steel raises ferrous scrap procurement prices by $7/t
China's Shagang Steel has increased its ferrous scrap procurement prices by RMB 50/t ($7/t) for all grades, effective 27 Sep'24. Revised HMS (6-10 mm) prices stood at RMB 2,410/t ($344/t), including 13% VAT. This is the company's first price increment in Sep'24. Chinese domestic scrap prices are trending upward, supported by a surge in rebar prices, which have hit a two-month high.