Chinese Sha gang Group Lowers Scrap Steel Prices Again Amid Extreme Volatility Over 1-2 Weeks

China’s Sha gang Group has announced another reduction in the purchase price of scrap steel.

Starting from Tuesday, the 4th, Shagang will lower the purchase price of scrap steel by 30 yuan (5,000 KRW) per ton across all grades. This follows a pattern of alternating price increases and decreases every 1-2 weeks since last month.

Previously, the company raised prices by 50 yuan per ton for all grades on the 8th of last month, only to lower them by 30 yuan on the 16th and then increase them again by 50 yuan on the 22nd.

As futures prices gradually decline amid concerns about slowing demand, major steelmakers, including Shagang, are raising product prices, reflecting extreme market volatility across China.

With this reduction, Shagang’s purchase price for the heavy scrap steel grade 101 (重废1) has been adjusted to 2,880 yuan (545,000 KRW) per ton.

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