China: Shagang Steel Slashes Scrap Purchase Price by USD 4
After hitting almost 6 years high levels on tight scrap supply, eastern China’s largest private ferrous scrap consumer and EAF steelmaker - Shagang Jiangsu Steel group has announced the price cut for all grades of domestic steel scrap procurement by RMB 30/MT (USD 4) effective from today 6th Aug’19.
Notably, Chinese currency Yuan (RMB) has hit a record high of above 7 the first time today against USD amid escalating trade tensions with the United States wherein US extended tariffs. While USD/CNY exchange rate was hovering around 6.8-6.9 levels over the last month.
With the recent price cut, Shagang steel is paying RMB 2,780/MT (USD 395) inclusive of 13% VAT for HMS 3 (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, down RMB 30/MT against the last report of RMB 2,810/MT on 30th Jul’19. While HMS 1 (thickness not less than 20 mm) and HMS 2 (6-10 mm thickness) stands at RMB 2,860/MT and RMB 2,820/MT respectively.
Following the lead of the largest privately owned steel mill, many leading scrap consumers in the eastern region also likely to slash scrap purchase prices by RMB 30-50/MT in China.
Chinese finish steel prices dip on low demand - Finish steel demand in China remained sluggish amid less cooperative weather conditions while production volume stayed high despite few EAF makers lowered their output on bearing with losses. Domestic steel prices in China fell by RMB 20-40/MT yesterday and spot iron ore fines index fell below USD 100/MT to a 2-month low.
source: SteelMint
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