The move failed to boost market activity, however, because of a bearish market sentiment and expectations that prices will reduce further, market sources said.
Cold rolled coil
Fastmarkets’ weekly price assessment for steel cold-rolled coil export, fob China was $510-520 per tonne on Tuesday August 20, down by $10-15 per tonne from a week earlier.
Still, no bookings were reported to Fastmarkets during the week.
Liaoning-based Benxi Iron & Steel on Tuesday issued an offer of $525 per tonne fob for CRC with October shipment, down by $10 per tonne from last week.
Anshan Iron and Steel, which is also headquartered in Liaoning province, was heard asking for $525 per tonne fob, while material from other mills in China was available in the range of $520-525 per tonne fob.