Plans to raise export offers for Chinese hot-rolled coil this week have emerged despite a weakening of domestic prices for the flat steel product in China on Monday March 1.
Domestic
Eastern China (Shanghai): 4,820-4,840 yuan ($744-747) per tonne, down 60 yuan per tonne
Several Shanghai-based traders said sellers in the city's spot market made price cuts on seeing the futures market weaken.
The move encouraged some downstream buyers to return to the market to restock. Market participants put this down to a generally positive outlook for steel product prices.
Local media had reported earlier in the day that China's Ministry of Industry & Information Technology was working on a plan to limit steel refining capacity in the country to...