Two major steelmakers in eastern China lowered their purchase prices for steel scrap on Thursday February 27 due to weak downstream demand, their first revision after the Chinese New Year holiday. Shagang’s new purchase price for heavy scrap (6mm thickness) is 2,670 yuan ($379) per tonne delivered, including value-added tax. This is down by 30 yuan per tonne from its last price set in early January, according to market sources
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