China: Shagang Steel to trim scrap purchase prices by $7/t
Shagang Steel has reduced its ferrous scrap purchase prices by RMB 50/t ($7/t) to RMB 2,790/t ($384/t) including 13% VAT for HMS (6-10 mm). This marks the first price cut this month. Amid weak market sentiments, scrap sellers are focusing on lower stocks, while arrivals to steel mills rise. Despite the off-season and limited availability, it is expected that mills will adjust inventory levels accordingly.