Shagang cuts scrap buying price for 9th time since March 10

摘要

China’s largest ferrous scrapconsumer, Jiangsu Shagang Group, on Tuesdaycut its buying price for heavy melting scrap forthe ninth time since March 10 as domestic steelprices extended their downtrend.A company source said Shagang reducedits buying price for heavy melting scrap byanother Yuan 50/mt ($8/mt) Tuesday, bringingthe overall reduction in its buying price sinceMarch 10 to Yuan 350/mt.