Jiangsu Shagang Group, the largest scrap consumer in China, on Monday raised its buying price of heavy melting scrap by Yuan 60/mt ($9/mt), its second increase this month, a company source said.
Shagang will now pay Yuan 1,590/mt ($239/mt), including 17% value added tax, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap 6 mm and above thick.
The mill's last increase was on August 1 by Yuan 60/mt.
In Shanghai, spot prices of 18-25 mm diameter HRB400 rebar Friday were assessed at Yuan 2,400-2,440/mt theoretical weight and including VAT, up Yuan 80/mt week on week.
Rebar prices have increased for three consecutive weeks by a total of Yuan 165/mt.
