Chinese scrap prices continue to fall on low mill buying

摘要

Scrap prices in east China continued to slide Tuesday as the stagnant finished steel market led major mills to make further cuts to their domestic buying costs. In Jiangsu province, major scrap buyer Xingcheng Special Steel announced a Yuan 50/mt cut to its scrap prices Tuesday, taking its cost for heavy melting scrap (>6mm) to Yuan 3,150/mt (498 dollars/mt) including 17% VAT.