It is reported that in the first salvo, after 8 day Golden Week break, Chinese traders started offering HR to European buyers at levels clearly lower than that prevailing before the holiday, although still higher than expectations of European buyers.

It is learnt that the opening shot is at EUR 360 per tonne to EUR 380 per tonne plus extras on CIF FO basis with 90 days payment term.

Whereas European buyers purchase proposal are reported to be at levels between EUR 335 per tonne to EUR 355 per tonne CIF FO with payment at 90 days from BL date.

Thus the opening shot from Chinese traders is setting the ground for negotiations to reach acceptable levels to both buyers and seller early next week.