Chinese flat prices dropped by another $5-10/t in domestic and export market.Falling iron ore prices and low demand made manufacturers to cut their offers.
Current offers for commercial grade HR coil hovers in the range of $510/t FOB Chinese port which was offered at around $520/t FOB for same grade last week.Domestic HR coil prices also dropped by 30-50 Yuan and offers stand in range of 3450-3600 Yuan per tonne ex works China.
Though iron ore prices show some signs of stability but market experts doubt any early recovery in steel prices in China.
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