IRON and STEEL   Scrap & Recycling  

China's Shagang Steel Slashes Scrap Purchase Price USD 9 on Falling Steel Prices

Eastern China’s largest ferrous scrap consumer - Shagang Jiangsu Steel group has slashed the prices for its finish long steel products up to USD 26/MT for late November shipment

Amid falling finish steel prices steelmaker has reduced scrap prices further by RMB 60/MT (USD 9) witnessing third price cut in November.

As per reports, Shagang is paying RMB 2,620/MT (USD 378) inclusive of 16% VAT for HMS (6-10 mm thickness) delivered to headquarter works situated in Zhangjiagang province in China, down RMB 60/MT as against last report of RMB 2,680/MT on 20th Nov’18.

In line with this, the prices for other grades of scrap also have come down by RMB 60/MT in the latest revision. It is paying RMB 2,720/MT (USD 393) for HMS 1 (thickness not less than 20 mm) while around RMB 2,390/MT and RMB 2,520/MT for melting scrap 2-4 mm & 4-6 mm thickness respectively. New prices stand at RMB 2,740/MT for charging scrap 1 and RMB 2,670/MT for HMS 2 (6-10 mm) inclusive of 16% VAT.

Domestic scrap prices tumble further in the major provinces - Following Shagang’s lead, leading scrap consumers like Maanshan, Zenith, Nanjing and Xingcheng steel reduced scrap purchase prices by RMB 60-80/MT in eastern China.

Shagang cuts long steel prices for late-Nov shipments -In last couple of days China’s spot market prices for rebar and billet have come down sharply on rising supply.

The mill is selling its HRB400 16-25mm rebar at RMB 4,600/MT (USD 662) over the November 21-30 period, down RMB 180/MT (USD 26) from its last set of prices for mid-Nov’18 shipments.

While it is selling its HPB300 wire rod at RMB 4,660/MT (USD 672) over the same period 11th-20th Nov’18, down RMB 150/MT (USD 22) from its last set of prices during mid-November. Both prices are on an ex-works basis, including VAT.

Recent Rebar prices in eastern China were at RMB 3,970-4,010/MT, down RMB 280-290/MT from RMB 4,250-4,300/MT reported last. Rebar export offers assessed at USD 530-555/MT, FoB China. It is expected that may fall further amid urgent destocking activities by participants in order to cut losses on bearish outlook.

Shagang Steel is one of the leading steelmakers in China and with an annual production capacity of 31.9 MnT iron, 39.2 MnT steel and 37.2 MnT rolled products.

News No: 2738
Date: 2018/11/28 - 01:54
News Source: SteelMint

Shagang Steel  finish steel  scrap 


Leave a Comment:


Turkey Scrap Import Prices Expected to Keep Billet Trade Sentiments Supported

US tariff cuts on steel imports from Turkey has started strengthening the trade sentiment in CIS nations, effects can be witnessed with recent billet export indications from CIS nations, which was reported to be USD 420-423/MT, FoB Black Sea. This is higher against last week offers of USD 410-415/MT, FoB Black Sea.

Indian Steel Market Weekly Snapshot

Indian steel market remained quite subdued for the week 20 (11-18th May'19) as the prices of raw materials like Iron ore, pellet and coal have inched up a little. However, the prices of Semis & Finished long steel products slump by INR 200-900/MT (USD 3-13), as per SteelMint assessment.

Global Ferrous Scrap Market Overview - Week 20, 2019

Global scrap prices witnessed mixed trends this week. Prices continued downtrend following low demand in most of the markets except, Turkey. Following lowering of tariffs from earlier 50% to 25% on Turkey steel products by the US government, recovery in global scrap prices is expected in the upcoming days.

South Asian Scrap Importers Turn Silent; Seek Clarity on Global Offers

SteelMint learned from industry participants that containerized scrap trades to South Asia remained limited on account of low demand and to have more clarity after the recent price hike in the global market.

Vietnam Ferrous Scrap Imports Hit 7 Year High in Apr'19

Vietnam, one of the leading ferrous scrap importers in East Asia has witnessed record high imports in Apr'19 on sharp growth in imports recorded from US & Australia.

Bangladesh: Imported Scrap Prices Fall Sharply Amid Less Trades

In conversation with industry participants, SteelMint learned that imported scrap offers to Bangladesh have further fallen this week on the account major correction in global levels along with slow sales of domestic finished steel.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners