The easing of trade tensions between the two countries led to domestic steel prices in China rebounding on Monday, although market participants are uncertain about how long the uptrend would last.
Fastmarkets MB’s export price assessment for Chinese SPCC 1.0mm CRC for the week ended Tuesday December 4 was $535-545 per tonne fob China, widening upward by $5 per tonne from a week earlier.
No transactions involving back-to-back cargoes were reported during the past week. Market sources estimated that the workable price range in the market was within the latest assessment.
A trader was heard to have made a short sale at $525 per tonne fob. Such transactions...