China: Shagang Steel reduces ferrous scrap procurement prices by $7/t
Shagang Steel, China's largest steel producer, has reduced ferrous scrap procurement prices by RMB 50/t ($7/t) across grades, effective 18 Nov'24. Post-revision, HMS (6-10 mm) stood at RMB 2,510/t ($346/t), including 13% VAT.This marks the company's first price cut in Nov'24 and is attributed to falling Shanghai Futures Exchange (SHFE) prices, which drove down Chinese steel tags, including those of billets, HRCs, and rebars.