Chinese export levels under pressure as domestic levels plummet
The sinking sentiments in the domestic market have banished all aspirations of revival in export levels. Most of the mills having attained astronomical production figures bloating the inventory coupled with a sulking demand as the monsoon approaches and the government resolutely hikes lending rates has left an indelible mark on the export offers .
Consequently the export offers have receded last week. The international prices convulsing in all quarters the competition warms up in far-fetched markets of Europe and Middle East with Chinese offers on a pillaging mission. It is expected the coming days will be even more trying for the Ukrainian and Russian mills as the yellow fever becomes contagious.
FOB Main Chinese port
| Item | Change |
| Rebar | -10 |
| Wire rod | -10 |
| HRC | -20 |
| Plates | -10 |
| CRC | -20 |
| HDG | -20 |
Change is on June 17th as compared to 10th June 2011
In USD per tonne
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