Domestic scrap prices have fallen yet again in China's eastern regions, with major steelmakers slicing buying costs further as a result of the ongoing malaise in the steel market. Jiangsu province's largest scrap consumer, Shagang Group, lowered its scrap prices again by Yuan 50/mt on Thursday. This followed its last price cut of Yuan 30/ mt on Tuesday and took its buying price for heavy melting scrap (greater than 6mm thick) to Yuan 2,870/mt (451 dollars) including 17% VAT.
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