Eastern China scraptracks rebar lower

摘要

Ferrous scrap prices fellfurther in eastern China, as rebar pricesextended the downtrend on weak demand.Platts assessed heavy melting scrap 6mm thick and above at Yuan 1,240/mt($194/mt), including 17% VAT, delivered toZhangjiagang, Jiangsu province, down Yuan50/mt from a week earlier.Jiangsu Shagang Group, the largestscrap consumer in China, Tuesday cut itsbuying price by Yuan 20/mt, after anotherearlier price cut of Yuan 30/mt Saturday.The adjustment took Shagang’s cost forheavy melting scrap 6 mm thick and aboveto Yuan 1,240/mt, including 17% valueadded tax, delivered to Zhangjiagang,Jiangsu province.