Chinese steelmakers have decreased their export quotation of medium plate to USD 570 per tonne CFR to South Korea.
However, it is still short of evident price competitiveness on the South Korean and Vietnam markets and although there have only been small transactions over the past couple of weeks.
A certain mill unveiled that its export quotation for commodity grade medium plate delivered in October at USD 575 per tonne to USD 580 per tonne CFR. Another noted that its export price might even be as low as USD 565 per tonne CFR.
It is reported that some South Korean importers has already broken their previous orders placed with USD 600 per tonne.
Export profits remains higher than that in domestic trade, given the steel export rebate and a falling domestic price. In order to sustain market price, such leading domestic steelmakers as Baosteel, Angnag and WISCO all lift their September ex works prices. They also want to enlarge steel exports so as to release domestic sales pressure.
Source: Steel Guru
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