Shagang scrap price cut filters into local market: trade

摘要

Eastern China's scrap market received a clear signal Wednesday as the region's largest consumer, Shagang Group, finally announced a cut in its domestic buying prices. Local market prices weakened further as a result, sources told Platts Steel Business Briefing. Jiangsu province's Shagang decided to reduce its scrap prices by Yuan 40/ mt, taking its buying price for heavy melting scrap over 6mm thick to Yuan 2,790/mt ($448/mt) on a delivered-to-mill basis including 17% VAT.