Eastern Chinese mills mulling scrap price cuts: trade

摘要

Sentiment in China's domestic scrap market has weakened further due to falling physical and futures rebar prices, sources said Tuesday. Major steelmakers in the country could soon follow small-to-medium-sized mills in cutting buying costs, leading to a fall in spot prices, sources said. In eastern China's Zhejiang province, privately-owned electric furnace mills are currently paying around Yuan 2,800/mt ($449/mt) with 17% VAT for heavy melting scrap over 6mm thick, Yuan 50/mt lower than prices at the end of last week.