Jiangsu Shagang Group, the largest scrap consumer in China, Tuesday said it would lower its buying price of heavy melting scrap of 6mm thickness and above by Yuan 30/mt ($5/mt) following the most recent cut of Yuan 100/mt on May 11, a company source said.
As a result, Shagang will pay Yuan 1,370/mt ($209/mt), including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap of 6mm thickness and above. The mill has cut its buying price by a total of Yuan 320/mt in May.
As a result, Shagang will pay Yuan 1,370/mt ($209/mt), including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap of 6mm thickness and above. The mill has cut its buying price by a total of Yuan 320/mt in May.
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