Eastern China's mills cut scrap buying prices

摘要

Mills in eastern China cut scrapbuying prices Thursday in view of domesticrebar prices starting to trend downward.Jiangsu Shagang Group, the largest scrapconsumer in China, Thursday lowered itsbuying price by Yuan 100/mt ($15/mt) afteran increase of Yuan 200/mt Monday, citingfalling domestic steel prices, a companysource said. This took Shagang's cost toYuan 1,720/mt ($265/mt), including 17% VAT,delivered to Zhangjiagang, Jiangsu province,for heavy melting scrap with thickness of 6mm and above.