| Large and medium-sized steel mills in eastern China on Wednesday cut their ferrous scrap buying prices by a large margin once again as Chinese domestic steel prices continued to fall. Jiangsu Shagang Group, the largest scrap user in China, Wednesday said it would lower its buying price of heavy melting scrap of 6mm thickness and above by Yuan 100/mt ($15/mt) after a cut of Yuan 50/mt on Tuesday, a company source said.
Shagang will now pay Yuan 1,400/mt ($215/mt), including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap of 6mm thickness and above...............................................Full Article: Source
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