China's hot-rolled exporters raised their offers on Friday January 29 despite a declining domestic market amid to concerns over rebate cut for outbound shipments.
Domestic
Eastern China (Shanghai): 4,440-4,460 yuan ($687-690) per tonne, down 60-70 yuan per tonne
Northern China (Tangshan) - weekly assessment: 4,350-4,420 yuan per tonne, up 20-40 yuan per tonne
Spot prices in eastern China weakened due to there being fewer participants in the work.
Sources said the market had been inactive in the past few days due to many market participants returning to their home towns to spend the Chinese New Year with their families.
Many are starting their holiday earlier previous years due to the requirement by provincial governments for visitors from outside the province to take a Covid-19 test or undergo a 14-day quarantine...