Leading Chinese EAF producer Shagang Jiangsu Steel announced that it has cut its scrap procurement price for all different grades by an additional RMB 50/ton ($8) for November'21 deliveries.
After the revision, the price of HMS (6-10 mm) stands at RMB 3,470/ton ($542) including 13% VAT.
Producers' scrap demand was affected by the steel production restrictions and the weak outlook.
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