SHANGHAI — China’s spot steel tags were mostly unchanged Tuesday as market players stood on the sidelines due to a cloudy outlook.
Commercial-quality hot-rolled coil ranging from 4.5 to 12 millimeters was at 3,910 to 3,930 yuan ($622 to $626) per tonne in Shanghai, unchanged from Monday.
"Sellers are not willing to lower offers again, of course, but it is also hard to boost prices to a level above 4,000 yuan per tonne," a trader in Shanghai told AMM sister publication Steel First.
Some said they even halted sales, fearing losses.
A 50-yuan-per-tonne price cut by Jiuquan Iron & Steel (Group) Co. Ltd. also curtailed any bullishness on the spot market, a Beijing trader said.
A version of this article was first published by AMM sister publication Steel First.