China's shagang cuts ferrous scrap buying price by $7/mt

摘要

Singapore—China’s largest ferrous scrap consumer Jiangsu Shagang Group has cut its buying price for heavy melting scrap by Yuan 50/mt ($7/mt) from Friday due to the recent drop in finished steel prices, a company source confirmed Friday. As a result, Shagang will pay Yuan 2,590/ mt ($362/mt), including the 13% value added tax, and delivered to Zhangjiagang, for heavy melting scrap with a minimum width of 6 mm.