Eastern China (Shanghai): 3,850-3,860 yuan ($571-573) per tonne, unchanged
Northern China (Tianjin): 3,790-3,800 yuan per tonne, unchanged
China will cut the VAT rate to 13% from the current 16% on April 1. As a result, March 28 marks the last day of deals made at a 16% VAT rate.
Most traders have stopped selling HRC with 16% VAT as they wait for the new rate to come into effect next Monday.
Still, some traders lowered their offers on Friday to 3,820-3,830 yuan per tonne including 13% VAT in Shanghai, but failed...