Trade Resources Industry Views China's Shagang Cuts Ferrous Scrap Buying Price

China's Shagang Cuts Ferrous Scrap Buying Price

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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China's Shagang Cuts Ferrous Scrap Buying Price by $4 to $257/Mt
Topics: Metallurgy