China's largest ferrous scrap consumer Jiangsu Shagang Group Wednesday lowered its buying price for heavy melting scrap by Yuan 30/mt ($5/mt) amid abundant supply and falling domestic steel prices, a company source said. Shagang will now pay Yuan 2,340/mt ($367/mt) including value added tax, delivered to Zhangjiagang, for heavy melting scrap with a minimum width of 6 mm, the source said. This is the mill's second reduction in its buying price in a week. Following Shagang's lead, some major mills in eastern China, including Nanjing Steel, Zenith Steel and Xicheng Steel, lowered their scrap buying prices by Yuan 20-30/mt Wednesday. Spot prices of 18-25 mm diameter HRB400 rebar in Beijing's retail market were assessed down Yuan 10/mt day on day Tuesday at Yuan 4,010-4,030/mt ($629-$632/mt) ex-stock actual weight including VAT. The price was down Yuan 45/mt from a week earlier.