(MB) Steel market direction sought as prices make mixed moves

Feb 24, 2011 | 01:43 PM |

Tags  China, steel, rebar, plate, exports, iron ore, imports, Shanghai prices

SHANGHAI, China — Chinese steel players are awaiting market direction amid mixed price moves, with some mills boosting export offers for ship plate while other products posted declines in the domestic market.

Improved overseas demand has led some mills to lift ship plate offers to $820 to $850 per tonne f.o.b., up $20 to $30 from two weeks ago and $120 to $140 higher than in early December. However, other mills kept prices flat this week as they await additional direction from the domestic market as well as from negotiations by Japanese and South Korean players for second-quarter material.

"Domestic prices have stopped rising and prices for several products have even dropped. Some participants are now waiting on the sidelines, watching to see whether the rally will continue," a source at a steelmaker in north China said. ....

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