Ferrous scrap prices resumed their descent in eastern China as rebar prices continued to fall due to weak demand and bearish sentiment.
Platts assessed heavy melting scrap 6 mm and above thick Friday at Yuan 1,200/mt ($189/mt), including 17% value-added tax, delivered to Zhangjiagang, Jiangsu province, down Yuan 40 from a week earlier.
Jiangsu Shagang Group, the biggest scrap consumer of China, on Tuesday cut its buying price by Yuan 20/mt after a reduction of the same amount on Saturday.
The mill has cut its buying price twice in a week, amounting to a total of Yuan 40/mt.
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