Eastern China mills cut scrap buying prices again

摘要

Mills in eastern China cut scrap buying prices to a new record low Saturday as rebar plunged. Jiangsu Shagang Group, the largest scrap consumer in China, Saturday cut its buying price by Yuan 20/mt ($3/mt) amid continuous drops in rebar, said a source from the mill. The mill has lowered its price five times in June, representing a total drop of Yuan 130/mt.