The last day of trading with a 16% value-added tax (VAT) resulted insparse activity in the spot market on Friday March 29, althoughstronger futures meant that hot-rolled coil prices ended the day flat.DOMESTIC- Eastern China (Shanghai): 3,850-3,860 yuan ($571-573) per tonne,unchanged- Northern China (Tianjin): 3,790-3,800 yuan per tonne, unchangedChina will cut the VAT rate to 13% from the current 16% on April 1. As aresult, March 28 marks the last day of deals made at a 16% VAT rate.Most traders have stopped selling HRC with 16% VAT as they waitfor the new rate to come into effect next Monday.Still, some traders lowered their offers on Friday to 3,820-3,830yuan per tonne including 13% VAT in Shanghai, but failed to garnermuch interest as most buyers expect prices to fall next Monday.
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