| Steel mills in eastern China cut ferrous scrap buying prices over the weekend, in line with declines in rebar prices. Jiangsu Shagang Group, the largest scrap user in China, on Sunday cut its buying price by Yuan 20/mt ($3/mt) in tandem with falling rebar prices, a company source said.
This was the mill's first reduction in this month, which kept its buying prices unchanged since the last cut April 26. After the adjustment, Shagang will pay Yuan 1,450/mt ($234/mt) including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap at least 6 mm thick...............................................Full Article: Source
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