China’s Jiangsu Shagang Group Tuesday cut its scrap buying price by Yuan 20/mt ($3/mt) on falling iron ore, a company source said. This was the mill’s sixth cut in March, representing a cumulative reduction of Yuan 140/mt. After the adjustment, Shagang will pay Yuan 1,580/mt including VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap 6 mm and above thick.
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