China: Shagang Steel Cuts Scrap Purchase Price by USD 6 Amid Rising Supply
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker - Shagang Jiangsu Steel group has lowered steel scrap purchase price for all grades by RMB 40/MT (USD 5.8) effective from today (15th May’19).
Notably, the company has revised scrap prices after almost a gap of one month against the price hike made on 11th April.
Mismatch between supply and demand along with growing uncertainty in domestic steel prices in China could have led to the lowering of scrap prices in China. High supply than demand and weakening steel margins led to fall in scrap purchase prices.
As per updates, Shagang Steel is paying RMB 2,580/MT (USD 375) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, down RMB 40/MT against the last report of RMB 2,620/MT on 11th Apr’19.
Following the largest privately owned steel mill's lead, many leading scrap consumers in eastern regions Maanshan, Handan, Shanghai and Taizhou have lowered scrap purchase prices by RMB 40-60/MT recently in China.
Shagang Steel keeps finish long prices unchanged for mid-May - Steelmaker has kept finished steel prices unchanged on uncertainty in the local steel market. Shagang is selling HRB400 16-25 mm dia rebar at RMB 4,250/MT (USD 618) over the mid-May period (11th-20th May), stable against the last set of prices for early-Apr’19 shipments. While prices for HPB300 6.5 mm dia wire rod holds at RMB 4,280/MT (USD 622) against the last set. All prices are on an ex-works basis, including VAT.
source: SteelMint
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