Domestic prices in China and South Korea did not show any
sign of improvement. Prices continue to fall after Baosteel dropped the prices
with most mills followed and announced the prices cut for August. However at
present scenario traders don't hold the stock due to continue fall in prices. Material
booking is done as per the demand with low inventory. Over supply and sale
pressure building up that brings prices down.
China trades HRC 3MM domestic at $600-605/Mt, down by $15 in
a week and CR coil 1MM traded at $740 down by $10 after Baosteel cuts the August
price.
Turkey offered 2-6MM at $618/Mt but buyer reluctant to buy. They see prices at range of $600-605/Mt.
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