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China’s steel scrap price down amid steel price slumps

The 6-8mm HMS steel scrap price in Zhangjiagang, East China’s Jiangsu province, fell to Yuan 2,350/tonne ($339.1/t) excluding the 16% VAT as of November 21, down Yuan 60/t or 2.5% on week, or down Yuan 180/t or 7.1% so far this month, together with the substantial slumps in the domestic steel prices since early November, market sources said on Wednesday.
Mysteel’s national average price for HRB400 20mm dia rebar lost a total of Yuan 270/t or 5.9% on week or Yuan 451/tsince November 1 to Yuan 4,277/t including the 16% VAT as of November 21. Rebar is a strong indicator in China’s steel industry, as the country’s steel consumption is

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