China: Further signs of price improvement

摘要

There were further signs of slight price improvement in China, though fundamentals offered little support for price climbs. Sources suggested that Adnoc’s April OSP of $85/mt FOB, representing a relatively small decrease of $3/mt from its March level, gave some confidence to market players. International prices remained assessed at $75-95/mt CFR for crushed lump and granular product. Spot offers for granular tonnes from international suppliers were reported up to $95/mt CFR, while crushed lump business remained mostly in the mid-to-high $70s/mt CFR. Molten spot prices were pegged around $70/mt CFR, as Japanese and South Korean producers continued to struggle with high inventories.