FERROUS SCRAP PRICES FALL IN EASTERN CHINA FOR THE FIRST TIME SINCE DECEMBER

Ferrous scrap prices in eastern China fell for the first time since late December this week, after hitting a six-month high the previous week, due to the drop in domestic rebar and seaborne iron ore prices, market participants said. 

Platts assessed heavy melting scrap 6 millimeters and above thick Friday down by Yuan 50 ($8) week on week at Yuan 1,210/mt, including 17% value added tax, delivered to Zhangjiagang, Jiangsu province. 

Before falling back this week, these prices had increased by a total of Yuan 200/mt after the Lunar New Year holiday (February 7-13). 

Jiangsu Shagang Group, the biggest scrap consumer in China, on Wednesday shaved its buying price by Yuan 30/mt after a cut of Yuan 20/mt on Monday. 

As a result, Shagang will pay Yuan 1,210/mt, including VAT, delivered to Zhangjiagang, Jiangsu province, for purchasing heavy melting scrap 6 mm and above thick.