It's reported that Chinese steel mills cut the export prices of medium heavy plate by US$20~US$30/ton to US$640~US$650/ton FOB this week, aiming to activate the purchase activity.
According to a director of export division at Nanjing Iron and Steel, some deals were closed with prices of U$650/ton FOB. He also predicted that the export of medium heavy plate would decline by 30% in December.
However, the Chinese steel mills may suffer from the profit loss if the prices remained at this low level, industry sources indicated.