CHINA CUT BUYING PRICES OF SCRAP BY US$ 5

Jiangsu Shagang Group, China's biggest scrap buyer, cut buying prices Saturday for the raw material by Yuan 30/mt ($5/mt), in response to a slide in rebar prices, a company source said.

After the adjustment, Shagang will pay Yuan 1,130/mt, including 17% value added tax (VAT), delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap 6mm and above thick.

This was the steelmaker's first cut in November after lowering its buying prices by a total of Yuan 80/mt over the past month.

In Shanghai's rebar spot market, prices of 18-25mm diameter HRB400 rebar Friday were assessed down Yuan 55/mt on week to Yuan 1,870-1,880/mt theoretical weight.