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Shagang cuts scrap prices by $1-10/t for 1st time in Sept

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With the current modification, Shagang, headquartered in Zhangjiagang in East China's Jiangsu, is paying Yuan 3,090-3,150/ t for domestically-sourced HMS 80:20 scrap consisting of the distribution as well as the barrel. " With the slower-than-expected recuperation in steel need, while stress from the steel supply side remained high, China's steel market belief was still careful, which considered on steel rates as necessary," a Shanghai-based market spectator told Mysteel Global. For instance, since September 21, the nationwide HRB400E 20mm dia rebar rate under Mysteel's assessment bordered down by Yuan 41/t on week to Yuan 4,090/ t and including the 13% BARREL. China's damaged steel costs had actually been squeezing revenue margins among residential steelmakers including Shagang, especially when the majority of them had actually suffered losses currently, according to her. Mysteel's survey on independent EAF makers in East China revealed that they had lost around Yuan 219 on every tonne of rebar they sold. On the various other hand, Chinese EAF mills' current scrap shipments have actually been rising continually, with the shipment to Shagang's Zhangjiagang steelworks, as an example, surging by a tremendous 330% on week to ordinary 18,500 t/d as of September 21, according to Mysteel's day-to-day monitoring. " Scrap delivery to mills can now completely satisfy these steelmakers' day-to-day scrap intake demands. Therefore, with little bother with scrap supply, Chinese EAF mills are attempting to cut their resources procurement rates to transfer high production prices," she described. Shagang's newest cost cut has actually also affected the domestic area scrap market, with the price of 6-8mm common-grade carbon steel scrap in Zhangjiagang losing Yuan 30/t on day to work out at Yuan 2,670/ t leaving out the 13% VAT by Thursday early morning, according to Mysteel's tracking. Created by Lindsey Liu, [email protected] by Zhenqi Yang, [email protected]

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Sophia

For the first time so far this month, China's leading electric-arc-furnace (EAF) Shagang Group (Shagang) has just announced to trim its steel scrap procurement prices by Yuan 10-70/tonne ($1.4-10/t) effective September 22, in tune with the softenin

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