Copying and distributing are prohibited without permission of the publisher
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...
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.
Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.
If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.
A standard subscription include one year's worth of news and prices. You can also upgrade to a premium subscription and benefit from news and pricing data going back to 1997 plus access to our online database - MB Company Data.
Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.