China: Shagang Steel reduces scrap procurement prices further by RMB 50/t ($7/t)

Shagang Steel has announced a second reduction in purchase prices for ferrous scrap within a week, effective 6 June, 2024. The updated prices show a decrease of RMB 50/t ($7/t). Under the new pricing structure, HMS (6-10 mm) is now priced at RMB 2,770/t ($382/t), including 13% VAT. Notably, the total decline over the week amounts to RMB 80/t ($11/t).