Jiangsu Shagang Group, the largest scrap user in China, has reduced its buying price for heavy melting scrap by Yuan 50/mt ($7/mt), a company source said Wednesday.

Shagang will now pay Yuan 1,800/mt ($262/mt), including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap of 6mm thickness and above.

This is the first time the mill has cut its buying price since September 13, with the recent drop in steel prices behind the decision.

In Beijing’s retail market Tuesday, spot prices of 18-25mm diameter HRB400 rebar were assessed at Yuan 2,990-3,030/mt ($435-$441/mt) ex-stock actual weight including 17% VAT, down Yuan 40/mt on the day.

Source: China’s Shagang lowers ferrous scrap buying price $7/mt: source – Metals | Platts News Article & Story