It is reported that both import and export market are soft presently with few transactions are seen, though more offers are heard than the previous week.
The widening steel price gap between the domestic and global markets has largely softened the competitiveness of Chinese products. Many traders hence have turned to the overseas markets or hold the wait-and-see attitude. At the meanwhile, overseas resources are starting to take the chance to flood into Chinese market. In order to take the market share in China, steel mills in Japan and South Korea has somehow launched a price war against each other.
Taking CRC for example, the S. Korean products export to China delivered in May is priced at USD 500 per tonne, CFR or down to USD 440 per tonne CFR, while that of Japanese products is tagged at USD 460 per tonne, CFR or even lower. However, insiders believe that the price slash wouldn't bring many trades as real demand still need more time to recover.