The Chinese wire rod export market has remained quiet this week, as rumors of an investigation into exports that evade value-added tax (VAT) have left players cautious.
VAT evasion has boosted the competitiveness of Chinese steel exports of all types for the last couple of years, but a crackdown on this practice remains uncertain.
Traders are holding their offers for both alloy-added and non-alloy wire rod until the market returns from the Labor Day holiday in the first week of May.
They believe the market will remain subdued until the situation becomes clearer.
