China’s Shagang continues to slash domestic ferrous scrap prices

摘要

Singapore—Eastern China’s largest scrap buyer Jiangsu Shagang Group has reduced its local bids for the raw material for the third time since Sept. 12, amid continued weakness in regional rebar prices, a source from the mill said Sept. 24. The company’s bid, effective Sept. 24, for scrap with minimum thickness of 6 mm after the adjustment, was Yuan 2,690/mt ($394/ mt), down Yuan 50/mt from the last adjustment Sept. 16, including 13% value added tax.