CHINA CRC, HDG: Buying interest weakens ahead of year-end

Trading liquidity for Chinese steel cold-rolled coil and hot-dipped galvanized coil remained quiet in the week ended October 19 after growing fears of export policy changes ahead of the end of the year dented buying interest for Chinese material.

Changes in export prices for Chinese CRC and HDG were moderate compared with the previous week, with domestic prices continuing to fluctuate amid supply reductions and weak-than-expected demand.
"There's a likelihood that China's export policy may be changed at the turning of the year, which has dented buying interest for Chinese material that has already lost its advantage in prices after the removal of [value-added] tax rebates [on August 1]," a Tianjin-based trader said.
If orders are placed now, cargoes should be delivered in late December or early January.

"My clients are fearful that the long-awaited export duties on Chinese steel products...

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