Several traders say that authorities at Tianjin Port in particular have tried to clamp down on the practice of misdeclaring the steel in order to avoid duties. Precise details could not be confirmed directly, but the speculation has been enough to dampen such trade and leave the market in limbo.
With sellers more reluctant to declare the content of their cargoes, large amounts of material reportedly remain sat at ports. Overseas customers are reluctant to do business with Chinese exporters while the shipments are apparently subject to increased scrutiny, market participants said.
“There are still enquiries in the market, but not a lot of offers,” a Chinese exporter said.
“Customs officials are increasing their checks...