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CHINA STEEL WRAP: Prices flat as market participants await cues

March 03, 2014 - 10:03 GMT Location: Shanghai

KEYWORDS: Shanghai Futures Exchange , Shanghai Steel Exchange Center , Dazong , Shanghai , Beijing

China’s spot steel prices were unchanged on Monday March 3 as participants sat out of the market to see which direction it goes.

In Beijing, grade III rebar was traded at 3,140-3,170 yuan ($512-517) per tonne, where prices have held since last Thursday. In Shanghai, the same product traded at 3,180-3,230 yuan ($519-527) per tonne, flat with last Friday. All prices are inclusive of VAT. While transaction levels were up from last week, many end-users chose to remain on the sidelines in anticipation of stronger market cues. "Besides the immediate demand, they still want to wait and see if the National People’s Congress (NPC) provides any clues," a Shanghai-based trader said. The NPC is scheduled to open in Beijing later this week. Major longs producer Shagang decided to cut its list prices for early March, with its...

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