WEEKLY: China steel FOB prices fall on global weakening
Mar 24, 2020 09:00
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Chinese export steel prices softened further after Beijing announced increases to export tax rebates on some steel items from March 20, but export transactions did not improve much despite the price drops, export sources tell Mysteel Global. Global steel prices fell faster and the few buyers with interest turned to cheaper products, they explained.
Over March 14-20, Mysteel’s export benchmark of SS400 4.75mm hot-rolled coil (HRC) decreased by another $3/tonne on week to $453/t FOB Bayuquan port, Northeast China’s Liaoning province, while the benchmark price of B500B rebar fell another $5/t on week to $445/t FOB Shanghai port.
“With the increase in tax rebates, Chinese