Chinese steel plate producers have cut export prices further as previous levels made it hard for them to secure orders.
Transaction prices for commercial-grade, boron-containing plate were $630-635 per tonne fob for early July shipments on Friday May 4, down from $635-645 per tonne fob a week earlier
As overseas buyers are holding back on placing orders, we need to adjust prices to attract business, a salesman with Tianjin Steel told Metal Bulletin.
Theres been much less trading recently and base contract prices have eased to around $630-635 fob, an export director with Nanjing Steel confirmed.
Official export offers have been lowered to $645-650 per tonne fob for July shipments from $660-670 per tonne fob for June deliveries, according to trading sources.
Export prices will go down again in coming weeks as most buyers are expecting lower prices, an exporter in Shanghai noted.
Steel mills are also not getting any support from the domestic market since spot prices are still slipping downwards.
Chinese spot prices for plate remained weak this week.
In Shanghai, 14-20mm plate was in the price range of 4,380-4,470 yuan ($694-708) per tonne, down 20 yuan week-on-week.