HRC exports receive a 10pc VAT rebate, so fob China HRC prices include the net 6pc VAT. China ’s steel industry is facing a 21-month low in profits , an possible losses , due to rising iron ore and coal costs . Seaborne iron ore prices have risen by 20 % or $ 1 per dry metric tonne ( dmt ) to $ 88.35 / ton , while premium low - volatility hard coking coal prices increased $ 7.60 / mt to hit $ 207.60 / mt . Meanwhile , steel prices in China have been frozen owing to the week - long Lunar New Year holiday , ending 10 February , but prices are expected to rise following the holiday to offset the higher costs and to support the peak spring construction demand .
China ’s steel industry is facing a 21-month low in profits , an possible losses , due to rising iron ore and coal costs . Seaborne iron ore prices have risen by 20 % or $ 1 per dry metric tonne ( dmt ) to $ 88.35 / ton , while premium low - volatility hard coking coal prices increased $ 7.60 / mt to hit $ 207.60 / mt . Meanwhile , steel prices in China have been frozen owing to the week - long Lunar New Year holiday , ending 10 February , but prices are expected to rise following the holiday to offset the higher costs and to support the peak spring construction demand .