Steel Daily reported that Maanshan steel has lowered its H beam export quotation to USD 1000 per tonne CFR for shipments to South Korea, November shipment. There has been a drop of USD 55 per tonne from the price level for October shipment.
Despite the downward adjustment in price, it is still difficult for South Korean buyers to import Chinese H beam due to weak demand, high inventory and the appreciation of the US Dollar versus KRW.
Industry analysts mentioned that other Chinese steel makers probably would follow Maanshan's step on price correction. However, most South Korean importers claim that they are not ready to purchase now and believe prices would fall to USD 900 per tonne to USD 1000 per tonne CFR.
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