China's Shagang raises ferrous scrap buying price by $10/mt

摘要

Singapore—China’s largest ferrous scrap consumer, Jiangsu Shagang Group, raised its buying price for heavy melting scrap by Yuan 70/mt ($10/mt) on Saturday, in tandem with the continuous increase in finished steel prices, a company source said Saturday.As a result, Shagang will pay Yuan 2,700/ mt ($395/mt), including 13% value added tax, and delivered to Zhangjiagang, for heavy melting scrap with a minimum width of 6 mm, the source said. The mill previously increased its buying prices by Yuan 50/mt on June 18.