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CHINA STEEL WRAP: Prices flat as market participants await cues
March 03, 2014 - 10:03 GMT
Shanghai Futures Exchange
Shanghai Steel Exchange Center
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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