By  Paul Ploumis 22 Sep 2015  Last updated at  05:39:37 GMT

BEIJING (Scrap Monster):  The declining rebar prices have led to further drop in scrap buying prices by steel mills in Eastern China region. According to the mills, scrap purchasing prices are unlikely to witness any rise in the immediate near term. Sources indicate that scrap purchasing prices are set to fall down further after the upcoming National Day holiday.

Jiangsu Shagang Group has announced a cut of Yuan 30 per mt in scrap buying prices. Post cut, the purchasing price for heavy melting scrap with thickness 6mm and above by Shagang Group remained at Yuan 1,260 per mt, inclusive of VAT delivered to Zhangjiagang.

Yonggang Group in the same province also lowered the scrap purchasing prices of heavy melting scrap 8mm and above by Yuan 300 per mt delivered to Zhangjiagang. Post reduction, the scrap purchasing prices were at Yuan 1,300/mt, including VAT, delivered to Zhangjiagang.

Also, Maanshan Iron & Steel announced a cut of Yuan 30 per mt on scrap buying prices during the week. After the announcement of price cut, the company’s buy price for plate cut-offs with thickness 6mm and above now stands at Yuan 1,310 per mt, inclusive of VAT for deliveries to Maanshan.