Scrap prices in China track decline in steel, Shagang cuts offers

May 20, 2010 | 11:14 AM |

Scrap prices in China have lost an average of 70 yuan ($10) per tonne this week to stand in a range of 2,900 to 3,000 yuan ($425 to $439) per tonne, due to falling steel prices.

"After losing 125 yuan per tonne last week, ferrous scrap continued its downward movement this week after consecutive falls in steel product prices for the past three weeks," an industry analyst in Beijing said.....

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