The Chinese steel export market was quiet in the first week following the Chinese New Year holiday. Import offers rose on Chinese demand, although Chinese domestic steel prices turned soft during the week.
On the Shanghai market, commercial 4.75 mm to 12 mm, 1500 mm HRC goes was priced at CNY3850 to 3880 per tonne down CNY 20 to 30 per tonnes from January 23rd. For 4.75mm to 12 mm 1800 millimeters the price was CNY 4000 per tonne,up CNY 50 from the same period last month. The sharp fall in spot rates is believed to be driven by a fall in the Shanghai forward market, where HRC price has witnessed a sharp decrease of CNY 240 to 250 per tonne in two trading days.
Export quotation for commercial HRC is at USD 560 to 600 per tonnes FOB and most offers are between USD 565 and 590 per tonnes FOB though with very few transactions.
Source: Steel Guru
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