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
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
