24.06.2015 - East China steel mills cut ferrous scrap prices further on weak rebar
Steel mills in eastern China have lowered ferrous scrap buying prices further this week as rebar prices continue to drop. Jiangsu Shagang Group, the biggest scrap user in China, cut its buying price Yuan 30/mt ($5/mt) Monday, its fourth reduction in June for a total Yuan 110/mt, a company source said. After the latest adjustment, Shagang will pay Yuan 1,340/mt ($216/mt), including 17% VAT, delivered to Zhangjiagang in Jiangsu province for heavy melting scrap of 6 mm and above thick. "The main reason why we cut scrap prices is continuously falling rebar prices," said the company source...............................................Full Article: Source
Print