China: Shagang Steel reduces scrap purchase prices by $7/t
Shagang Steel, a prominent steel mill in China, has reportedly decreased procurement prices for ferrous scrap across all grades by RMB 50/t ($7/t), effective from 6 Mar'24. The revised price stands at RMB 2,950/t ($410/t) for HMS (6-10 mm), inclusive of 13% VAT. Notably, the company also decided to keep its long steel prices unchanged for early March 2024.