China: Shagang Steel further lowers scrap purchase prices by $7/t
Shagang Steel has revealed a downward adjustment in the purchasing rates for ferrous scrap across all classifications, starting 28 Mar'24. The updated rates show a decrease of RMB 50/t ($7/t). As a result, the revised prices for HMS (6-10 mm) stand at RMB 2,700/t ($374/t), including 13% VAT. This marks the sixth successive price reduction for the month.