China: Shagang Steel Cuts Scrap Purchase Price by USD 4
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker - Shagang Jiangsu Steel group has announced a price cut for all grades of domestic steel scrap procurement and decreased the bids by RMB 30/MT (USD 4) effective from today 14th October’19. This price cut comes after the company had hiked the purchase bids RMB 100/MT last week.
As per updates, Shagang Steel is paying RMB 2,760/MT (USD 391) inclusive of 13% VAT for HMS 3 (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT against the last report of RMB 2,690/MT on 20 Sept'19. While HMS 1 (thickness not less than 20 mm) and HMS 2 (10-20 mm thickness) stands at RMB 2,840/MT (USD 402) and RMB 2,800/MT (USD 397) respectively.
The said price lowering is mainly on account of the weak performance of finished Steel products in the region as steel prices have been weak recently, driving some mills to lower their purchase price of scrap products. Market is expecting the prices to fluctuate at these levels in the coming days.
source: SteelMint
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