Export prices for Chinese steel cold-rolled coil and hot-dipped galvanized coil extended their sharp decline in the week ended November 2; domestic prices also have yet to stem their declines.
Trading liquidity for Chinese CRC and HDG exports was muted because the falling market kept buyers in wait-and-see mode.
The price decline also prompted some mills and traders to halt offers.
Most traders expect trading liquidity to pick up soon because prices show signs of stabilizing. Chinese prices "have regained competitiveness" compared to rivals from other origins, a trader source said.
Meanwhile, sources also reported an increased likelihood of the introduction of the
long-awaited export duties on steel exports, particularly if export volumes grow after the recent price declines.
Cold-rolled coil
Fastmarkets' weekly price assessment for
steel CRC, export, fob China main port was $920-950 per tonne on November 2, down by $60 per tonne from $980-1,010 per tonne
a week earlier.
A major...