China's hot-rolled coil producers suspended their exports on Monday March 22 despite surging domestic prices amid uncertainties over whether the Chinese government would reduce its export tax rebate for steel products.
Domestic
Eastern China (Shanghai): 5,060-5,120 yuan ($777-786) per tonne, up 70 yuan per tonne
Domestic prices surged on Monday on rising futures.
A Tianjin-based trader said that investors were bullish about HRC prices after the local government in Tangshan - China's steelmaking hub - issued orders to reduce steel output, some lasting throughout 2021.
A Shanghai-based trader estimated that Tangshan's crude steel output could drop by 27 million tonnes this year compared with last year if the production cuts are strictly enforced.
Seven Tangshan-based steelmakers - including Tangshan Medium Thick Plate Co and...