Export prices for Chinese cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) were little changed in the week to Tuesday March 26 amid limited trading activity ahead of a reduction in China's value-added tax (VAT) next month.
Both CRC and HDG export prices had increased for the past six consecutive weeks up to March 19. China will reduce its VAT to 13% on April 1 from the current 16% for the manufacturing industry. Market participants are therefore holding back from buying in anticipation of lower export offers from mills as a result of the new VAT rates, sources said. Cold-rolled coil Fastmarkets' weekly export price assessment for Chinese...