In domestic Chinese markets, the prices of cold rolled coil are expected to stay stable until the end of Chinese new year due to the fact that transactions have slowed down.
In Shanghai, traders offered 1 mm cold rolled coil manufactured by Maanshan Steel for 4470 Chinese yuan per ton to 4500 Chinese yuan per ton with a 17% value-added tax which was increased by 50 Chinese yuan per ton effective second January 2009.
In Tianjin, traders have offered similar material from Tangshan Steel with the same pricing as that of previous month at 4400 Chinese yuan per ton with value-added taxes.