Domestic scrap prices have seen further decreases in eastern China's Jiangsu province after the Labor Day holiday (April 29-May 1), driven by continued sluggishness in the finished steel market, market sources told Platts Steel Business Briefing Wednesday. In Jiangyin city, major scrap buyer Xingcheng Special Steel announced a Yuan 50/mt cut Wednesday, taking its buying price for heavy melting scrap (over 6mm thick) to Yuan 3,300/mt (523 dollars/mt) including 17% VAT.
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