Shagang cuts domestic ferrous scrap price for third time

摘要

Singapore—Jiangsu Shagang Group, China’s largest ferrous scrap consumer, has cut its domestic buying price for heavy melting scrap for the third time on weaker demand at the start of the cold weather, a source from the company said. The company cut its domestic scrap price by another Yuan 30/mt ($4.30/mt), effective Sunday, following its previous cut November 29, the source said. As a result, the company listed its buy price at Yuang 2,700/mt ($384/mt), including 13% value-added tax, delivered to Zhangjiagang for heavy melting scrap with a minimum thickness of 6 mm.