Eastern China (Shanghai):
5,720-5,750 yuan ($883-887) per tonne, down 40-50 yuan per tonne
Spot sellers were forced to lower offers amid futures drops, sources told Fastmarkets.
Although the Ministry of Finance announced the cancelation of export rebates for many steel products in the afternoon after the futures market trading had ended, many market participants had been informed of the policy change on Tuesday afternoon, a Shanghai-based trader told Fastmarkets.
China is to cancel some steel export...