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CHINA STEEL WRAP: Prices fall in muted market
March 29, 2013 - 11:03 GMT
China steel wrap
China’s domestic spot steel prices fell on Friday March 29, as flats traders slashed prices to generate business while the longs market fell quiet after strong mid-week sales in the north.
Commercial-grade HRC (4.5-12mm) was changing hands at
3,830-3,840 yuan ($610-611) per tonne in Shanghai, down 20-40
yuan ($3.2-6.4) per tonne from Thursday and down 80-110 yuan
($12.7-17.5) per tonne week-on-week. In Beijing, prices for the
same product traded flat for the day at 3,820-3,840 yuan
($608-611) per tonne, but lost 40 yuan ($6.4) per tonne for the
whole week. "Many traders need to pay loans to the bank by the
month-end, so they hope to secure more sales by cutting
prices," a Beijing-based analyst said. But transaction volumes
remained "thin" and muted market...
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Euromoney Institutional Investor PLC.
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