China: Shagang Steel Cuts Scrap Purchase Price After Gap of Over 2 Months
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker- Shagang Jiangsu Steel group has announced its first price cut in its scrap purchase price, after a gap of over 2 months since the last price revision on 9th Dec’19. For all major grades of domestic scrap, the company has lowered its purchase price by RMB 30/MT (USD 4) effective from today, 27th Feb’20
After the said price cut, Shagang Steel will now pay RMB 2,670/MT (USD 380) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT (USD 4) against the last revision to RMB 2,700/MT on 9th Dec'19. While other higher grades including HMS (thickness not less than 20 mm) and HMS (10-20 mm thickness) stand at RMB 2,750/MT (USD 392) and RMB 2,710/MT (USD 386) respectively.
The domestic steelmakers had earlier reduced their scrap utilization, amid tight scrap supply due to Coronavirus outbreak after the spring holidays. Suppliers were facing restrictions in transporting scrap for several weeks due to the outbreak, but now the shipping operations have finally resumed.
Shagang Steel also cut its list prices for all long steel data-x-items by RMB 200-230/MT (USD 28.5-32.9/MT) for sales in early March, aiming to narrow the spread between its sales prices and current market levels. Additionally, the company has also decided to cut the volume of rebars it requires its sales agents to receive each month to 50% of the contracted volumes in March.
source: SteelMint
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