Maanshan Iron and Steel or Magang, the largest steelmaker in eastern China's Anhui province, on Monday announced it was cutting its ferrous scrap buying price by Yuan 30/metric ton ($5/mt), a company source said.
The move followed the lead of Shagang which lowered its buying price by Yuan 30/mt on Friday in response to the drop in domestic rebar prices.
As a result, Magang will pay Yuan 1,740/mt ($269/mt), including 17% value added tax, delivered to Maanshan, Anhui province, for plate cut-offs 6 mm and above thick.
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