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.
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