Flat steel prices are steadily falling in China. Manufacturers reduced their
quotes for flat steel in the domestic market due to sluggish demand from
foreign buyers. Export prices for HR products fell by $30-35/MT.
However, Prices for CR coils were hardly changed in this period since
their drop in the first half of October was already as large as $70-80/MT.
Offers of HR coils from Tangshan Iron & Steel have dropped by $25/MT over
the week, but there is still no feedback from foreign buyers in the
falling market.
Traders managed to sell two lots of HRC (3,000 MT each) to Vietnam in
mid-week at $615/MT FOB ($640/MT C&F shipment in December-January).
However, some Vietnamese buyers are already bidding at $605/MT FOB
($630/MT C&F). Chinese traders are ready to accept their levels but
business is hampered by tough monetary policy in Vietnam that does not
allow many buyers to open a letter of credit.
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