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UPDATE: Shagang cuts one more $7/t off scrap costs

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With the most up to date rate cut, the mill, headquartered in Zhangjiagang of East China's Jiangsu, is paying Yuan 2,960-3,020/ t for domestically-produced HMS quality steel scrap including both the distribution as well as the barrel, according to the company's announcement. As anticipated, Shagang's announcement rapidly impacted place scrap rates in Zhangjiagang, with the regional cost

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Shagang Group (Shagang), China's leading electric-arc-furnace (EAF) steelmaker, has just decided to trim its steel scrap procurement prices for the second time this month, cutting them by another Yuan 50/tonne ($7/t) effective from October 1

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