Jiangsu Shagang Group, the largest ferrous scrap user in China, on Saturday cut its buying price of heavy melting scrap 6 millimeters and above thick of Yuan 30 to Yuan 1,770/mt, including 17% value-added tax, delivered to Zhangjiagang, Jiangsu province, a company source said Monday.
The mill has cut its buying price twice by a total of Yuan 80/mt within a week.
In Shanghai's retail market Friday, spot prices of 18-25 mm diameter HRB400 rebar were assessed at Yuan 2750-2800/mt ($399-$406/mt) ex-stock theoretical weight including 17% VAT, down Yuan 205 from a week earlier.
Platts Steel Markets Daily is a leading source for steel raw materials news and prices. It is the only publication that provides global metallurgical coal spot prices on a daily basis, two iron ore benchmark assessments in one report (Platts IODEX and TSI 62% iron ore) and information on steel scrap and ferro-alloys. Use the request a free trial link to receive of it for a short period of time.