China's Shagang Steel Raises Scrap Purchase Price by RMB 80 (USD 11)
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker - Shagang Jiangsu Steel group has announced a price hike for all grades of domestic steel scrap procurement by RMB 80/MT (USD 11 ) effective from today 10th September’19.
As per updates, Shagang Steel is paying RMB 2,730/MT (USD 384) inclusive of 13% VAT for HMS 3 (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, up RMB 80/MT against the last report of RMB 2,650/MT on 06 Sept'19. While HMS 1 (thickness not less than 20 mm) and HMS 2 (6-10 mm thickness) stand at RMB 2,810/MT and RMB 2,770/MT respectively.
The increase in scrap purchase price is owing to lower stocks with Chinese mills as the scrap supply is tight. Prior to this the company had raised scrap purchase price by RMB 60/MT on 06th Sept'19.
source: SteelMint
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