China: Shagang Steel Cuts Scrap Purchase Price by USD 9
Eastern China’s largest ferrous scrap consumer - Shagang Jiangsu Steel group has slashed scrap purchase price today by RMB 60/MT (USD 9). Amid sharply falling finish steel export prices steelmaker has reduced scrap prices.
As per reports, Shagang is paying RMB 2,420/MT (USD 348) inclusive of 16% VAT for HMS (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang province in China, down RMB 60/MT as against last report of RMB 2,480/MT on 27th Nov’18.
In line with this, the prices for other grades of scrap also have come down by RMB 50-60/MT in last revision. It is paying RMB 2,520/MT (USD 363) for HMS 1 (thickness not less than 20 mm) while around RMB 2,320/MT and RMB 2,190/MT for melting scrap 4-6 mm & 2-4 mm thickness respectively. New prices stand at RMB 2,540/MT for charging scrap 1 and RMB 2,470/MT for HMS 2 (6-10 mm) inclusive of 16% VAT.
Domestic scrap prices tumble further in the major provinces - Following Shagang’s lead, leading scrap consumers like Maanshan, Zenith, Nanjing and Xingcheng steel reduced scrap purchase prices by RMB 50-60/MT in eastern China.
China's domestic rebar prices rebound, export offers fall - Recent Rebar prices in eastern China reported at RMB 3,800-3,830/MT (USD 547-551),ex- Shanghai, up RMB 30-70/MT from RMB 3,730-3,780/MT reported last. while export offers assessed at USD 490-500/MT, FoB China, down USD 20/MT in past two days.
Shagang Steel is one of the leading steelmakers in China and with an annual production capacity of 31.9 MnT iron, 39.2 MnT steel and 37.2 MnT rolled products.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
