CHINA HRC: Buyers bide their time ahead of VAT cut

摘要

China’s domestic hot-rolled coil prices were flat on Thursday March28, with market participants taking a wait-and-see approach.DOMESTIC- Eastern China (Shanghai): 3,850-3,860 yuan ($573-574) per tonne,unchanged- Northern China (Tianjin): 3,790-3,800 yuan per tonne, unchangedA few buyers raised their procurement rates amid gains in thefutures market in the earlier part of the day, sources said.But others mostly suspended their purchasing plans ahead of areduction in the country’s value-added tax to be implementednext week.The VAT cut is expected to push down HRC prices in April.