China: Shagang Steel reduces scrap procurement prices by $7/t
China's leading steel mill, Shagang Steel, has reduced scrap procurement prices by RMB 50/t ($7/t) across all grades from 3 Jan'25, with HMS (6-10 mm) now at RMB 2,510/t ($344/t), including 13% VAT. Rising scrap inventories, which reached 6.2 mnt due to winter stocking, coupled with lukewarm steel demand, pressured prices. Notably, this marks the company's first price cut in January.