Orders for shipment in January were already thin; mills and traders are now offering February-shipment cargoes to continued weak interest.
Fears of a potential export tax to be introduced by China in January have faded and market participants reported that a few sellers agreed to accept the risk of a price difference in case it happened.
Even then, interest was low.
“That’s what happens when there’s a downturn in the market. You can always buy next week for lower prices,” one Brazil-based trader said.
Others thought sellers shouldering the risk of the export duty could heat the market, but added that...