Trading liquidity for Chinese CRC and HDG exports was muted because the falling market kept buyers in wait-and-see mode.
The price decline also prompted some mills and traders to halt offers.
Most traders expect trading liquidity to pick up soon because prices show signs of stabilizing. Chinese prices “have regained competitiveness” compared to rivals from other origins, a trader source said.
Meanwhile, sources also reported an increased likelihood of the introduction of the long-awaited export duties
on steel exports, particularly if export volumes grow after the recent price declines.
Fastmarkets’ weekly price assessment for steel CRC, export, fob China main port
was $920-950 per tonne on November 2, down by $60 per tonne from $980-1,010 per tonne a week earlier