Thursday, September 16,
China’s retail steel prices are expected to continue rising on deepening steel production cutbacks. Following the repeal of export value-added tax refunds, China’s steel exports dropped 2.8mn tons (-38.5% MoM) in August, which led to a surge in China’s domestic shipments and curbed the rise in retail steel prices.
Even so, Chinese retail steel prices increased 4~5% MoM in August. China’s retail steel prices will likely continue to rise on production cutbacks in September and a pick-up in demand on favorable seasonality.
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