Baoshan Iron and Steel decided to keep May prices steady after lifting them for five months in a row. China's largest listed steelmaker Baosteel is uncertain about the demand outlook and increased inventory.
Steel inventories held by major Chinese producers hovered around record levels of almost 15 million tonnes as of mid-March, reflecting tepid demand. “The fact that Baosteel did not cut prices suggests that they still expect consumption to rise,” said an iron ore trader in Hong Kong.
HR Coil 2MM chinease export offer are in range of $570 FOB after correcting by $25-30 w-o-w. Similarly India offer stand at $580 FOB Mumbai port.
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