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CHINA STEEL WRAP: Prices fall in muted market

March 29, 2013 - 11:03 GMT

KEYWORDS: China steel wrap , hrc , rebar

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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