China's Shagang cuts ferrous scrap buying price by $16/mt

摘要

China’s largest ferrous scrapconsumer, Jiangsu Shagang Group, cut itsbuying price for heavy melting scrap by Yuan50/mt ($8/mt) on January 13 and another Yuan50/mt on January 15, according to a companysource Monday.After the adjustment, Shagang will payYuan 2,460/mt ($383/mt) including 17% valueadded tax, delivered to Zhangjiagang, for heavymelting scrap with a minimum width of 6 mm,the source said.