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Defaults among overseas buyers have become a problem for Chinese steel exporters in recent weeks, with falling prices and weakening demand triggered by the Covid-19 pandemic leading to an increase in export credit insurance claims.
Turkey has increased the import duties on a number of steel products, including hot-rolled coil, cold-rolled coil, coated coil, angles and sections and stainless flat steel, effective from Saturday April 18.
The base metals on the London Metal Exchange and on the Shanghai Futures Exchange were mainly firmer this morning, Monday April 20, but broader markets were mixed with equities braced for the release of corporate earnings.
Fastmarkets reviews the latest developments in South African ores and alloys supply following the lockdown order on Monday March 23 amid the spread of Covid-19 and the subsequent extension on Thursday April 9 by a further two weeks from the initial 21 days.
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