| The steel mills in Eastern China have announced further cut in ferrous scrap purchasing prices. The cut comes in the light of declining rebar and iron ore prices. Sources indicate that Jiangsu Shagang Group announced cut of Yuan 30 per mt on Saturday. The company had earlier lowered its scrap purchasing prices by Yuan 30 per mt last Sunday.
Following the announcement, scrap purchasing price of heavy melting scrap of thickness 6 mm and above now stands at Yuan 1,550 per mt, inclusive of VAT. The company has dropped its scrap buying prices by Yuan 170 per mt since March this year. Meantime, Yonggang Group also declared cut of Yuan 30 per mt on purchase price of heavy melting scrap 8mm and above effective Sunday onwards...............................................Full Article: Source
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