MAY 16, 2022 China and Asian Market Update
After long Labour holiday and a short Hong Kong public holiday, market changed a lot. In a month, CNY dropped from 6.39 to 6.794, domestic Iron ore reduced by 16%, 62% Lump ex Mexico is offering at Platts minus 6%, and HRC slide USD40/mt. With domestic consumption still suffering from Dynamic case ZERO policy, they keen on exporting more. Meantime, both Chinese and Vietnamese mills are inviting for price proposal instead of offer. In view of uncertainty on Quota and price, and weakened Euro, European hold their order which going to place, while others keep buying.
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