Traders wait out hot coil export flatness

Aug 17, 2011 | 05:21 PM |

Tags  China, traders, hot-rolled coil

SHANGHAI, China — Chinese traders have been sitting on much of their hot-rolled coil stocks following the U.S. credit downgrade.

Many traders had booked hot-rolled coil from mills at $680 to $690 per tonne in a bout of bottom fishing weeks ago, only to see a hoped-for upturn evaporate as international markets roiled.

Export prices have inched up to just $690 to $695 per tonne f.o.b. since the start of the month for boron-bearing hot-rolled coil, despite traders pushing offers up to between $700 and $705 per tonne f.o.b. for October shipments. ....

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