CHINESE STEEL MAKERS REDUCE SCRAP BUYING PRICES

Chinese steelmakers Jiangsu Shagang and Maanshan Iron & Steel reduced ferrous scrap buying prices Thursday, following reductions Saturday, as rebar and iron ore prices dropped further. 

Shagang, the biggest scrap user in China, cut its buying prices by Yuan 30/mt ($5/mt) on falling rebar and iron ore prices, a company source said. 

The mill has cut its buying prices three times in November by a total of Yuan 90/mt. 

After the adjustment, Shagang will pay Yuan 1,070/mt, including 17% value added tax (VAT), delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap 6 mm and above thick. 

In Beijing's rebar spot market, prices of 18-25 mm diameter HRB400 rebar Wednesday were assessed at Yuan 1,775-1,795/mt actual weight, down Yuan 65/mt from the previous week.