China: Shagang steel increases scrap procurement prices by $7/t
Shagang Steel has announced an increase in purchase prices of ferrous scrap after consecutive price drops. The updated prices reflect an increase of RMB 50/t ($7/t). Under the new pricing structure, HMS (6-10 mm) is now priced at RMB 2,790/t ($384/t), including 13% VAT. Notably, this marks the company's first price hike in July, after three consecutive price cuts in June.