Shagang Group (Shagang), China's largest electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu, announced on Wednesday morning that it will cut its steel scrap buying prices by Yuan 50/tonne ($7/t) effective from deliveries the same day. This is the company's first clip in the ferrous scrap prices after the Chinese New Year (CNY) holiday, Mysteel Global noted.
Following a huge monthly drop of 37% in January, Brazilian iron ore shipments to global destinations shrank again by 6.5% on month to reach 23.3 million tonnes in February, according to the new statistics from Brazil's Ministry of Industry, Foreign Trade and Services. However, the shipment volume was still 20.2% higher than the prior year level.