STEEL MILLS IN CHINA CUT FERROUS SCRAP BUYING PRICES

Steel mills in eastern China have cut their ferrous scrap buying prices in response to the continuous drop in rebar and iron ore prices.

Jiangsu Shagang Group -- the largest scrap consumer in China -- Wednesday cut its buying prices by Yuan 20/mt ($3/mt) as rebar and iron ore prices continued to fall, a company source said.

This was the mill's fourth cut in November with a total amount of Yuan 110/mt.

After the adjustment, Shagang will pay Yuan 1,050/mt, including 17% value-added tax, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap 6mm and above thick.