China: Shagang Steel reduces scrap procurement prices by $7/t
China's leading steel mill, Shagang Steel, reduced scrap procurement prices by RMB 50/t ($7/t) across all grades from 9 Jan'25. As a result, HMS (6-10 mm) is now priced at RMB 2,400/t ($327/t), including 13% VAT. This marks the fourth consecutive price cut by the company in Jan'25. Overall, steel scrap prices have dropped by RMB 160/t ($22/t) in Jan'25.