Prices were broadly stable, with trading liquidity remaining thin and with traders and mills reporting “poor demand.”
“We have received limited inquiries and bids since we issued our offers,” a major mill in Hebei province said on Tuesday. Some trading houses said that their deal volumes were only in the hundreds of tonnes, rather than thousands.
Lingering uncertainty surrounding China’s export duty scheme
was believed to be the major factor jeopardizing the appeal of Chinese material, despite some mills softening their tone on how to share the export duty risks in the negotiations.
“Clients may be willing to pay premiums for resources originating from other countries against Chinese materials, to avoid the export duty risks,” a Tianjin-based trader said on Tuesday.
Rising freight rates...