The low demand in the steel industry, which has been going on for a while, creates an imbalance in the market. China's Shagang Steel announced that it has cut its scrap purchase prices by $7 due to the decline in steel demand. HMS (6-10 mm) scrap prices are around $470.
China Shagang Steel cuts scrap purchase prices
China's Shagang Steel is in its scrap purchase prices due to falling steel demand..
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