China’s steel market has been floundering to such an extent of late that hot-rolled coil is now cheaper than cabbage, according to China’s Ministry of Commerce data. Platts assessed Q235 HRC of 5.5 mm thickness in Shanghai at Yuan 1,985/mt exstock with 17% VAT Tuesday, down Yuan 105/mt on day. This meant a ton of HRC was cheaper than a ton of cabbage, MOFCOM data suggests.
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