China: Shagang Steel further reduces scrap procurement prices by $11/t
Shagang Steel has recently reduced its ferrous scrap prices by RMB 80/t ($11/t) for all grades effective 15 Aug'24. HMS (6-10 mm) is now priced at RMB 2,390/t ($333/t), including 13% VAT. Notably, this marked the company's fourth price cut in August, bringing the total decline to RMB 250/t ($35/t).