Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil declined in the week to Tuesday June 4 after some traders entered into short-selling positions amid bearish sentiment in the flat steel market, market sources said.
However, buyers refrained from making any bookings on expectations of further price declines, market sources said. Cold rolled coil Fastmarkets MB's weekly export price assessment for Chinese SPCC 1mm CRC was $530-540 per tonne fob China on Tuesday, down by $5-10 per tonne from a week earlier. No bookings were reported to Fastmarkets during the week, with market participants estimating the workable price to be $530-540 per tonne fob China. Liaoning-based Benxi Iron & Steel on Tuesday issued an offer of $550 per tonne fob for August-shipment CRC, down $10 per tonne from last week. Material from other suppliers in China were also available...