The price drops followed sharp losses in domestic prices sparked by the state planner’s attempt to cool soaring coal prices
Offers for CRC fell to $980-1,000 per tonne fob China as of Tuesday October 26, as compared with $1,015-1,030 per tonne the previous week. And those for HDG with zinc coating of 120g per square meter (gsm) declined from $1,060-1,075 per tonne fob China to $1,020-1,030 per tonne.
Those offers mostly came from trading houses and small mills.
Large-scale mills in China either refrained from issuing offers openly or held their offers largely unchanged, because Beijing is discouraging steel exports during the ongoing output cuts and its push for decarbonization. Robust costs have also deterred...