The price of hot-rolled coil, on the other hand, increased on the same basis of comparison, with material from other origins such as Japan and Brazil returning to the market with April-shipment offers.
China-origin HRC was also more expensive, with market participants braced for a cut in the country’s tax rebate.
“The majority of Chinese mills are including a clause in any sale contract, shifting the risk of this potential tax rebate cut to the clients,” one Brazil-based trader said.
Chinese authorities were considering a reduction of a tax rebate for HRC exports to 8-9%, from 13% currently. Sources in South America told Fastmarkets that this was...