Shagang lifts scrap buying price by $7/t

 Jiangsu Shagang Group (Shagang), China’s largest electric arc furnace steelmaker headquartered in East China’s Jiangsu province, lifted its steel scrap procurement price by Yuan 50/tonne ($$7.1/t) for deliveries effective from August 21, the company said in an announcement the same day.
Wednesday’s price rise was Shagang’s first after it slashed its scrap procurement price by a total of Yuan 160/t beginning August 6. With the latest adjustment, Shagang is now paying Yuan 2,770-2,820/t for HMS grade scrap in terms of delivery to its plant and including the 13% VAT