Both countries showed soft demand because buyers did not want to make bookings with prices on their way down. Offer prices from China and India continued to fall this week, but buyers’ bids were even lower.
“Large-volume bookings are unlikely to be heard before prices hit bottom and start increasing again,” one trader based in the UAE said. “End-user consumption is already weak in the region, so buyers are in no hurry to buy.”
China offered hot-rolled coil at $760-770 per tonne cfr this week, falling from $790 per tonne cfr offered last week
One buyer was bidding $750 per tonne...