China: Shagang Steel reduces ferrous scrap procurement prices by $7/t

Shagang Steel, China's largest steel producer, has decided to reduce ferrous scrap procurement prices by RMB 50/t ($7/t) for all grades, effective 18 Oct'24. Post-revision, HMS (6-10 mm) will be priced at RMB 2,510/t ($353/t), including 13% VAT. This marks the company's first price cut in Oct'24. The decline is attributed to lower raw material offers, falling finished steel prices, and weak market fundamentals.