Chinese HR plate deal to S. Korea

A Chinese supplier has reportedly concluded hot rolled plate deals to S. Korea at $570-580/mt CFR South Korea on actual weight basis via at sight payment by letter of credit for July shipment. SteelOrbis also learnt that the current vessel freight from China to northern South Korea, for example from Chinese Qinhuangdao port to S. Korean Busan port is around $14-15/mt. Vessels for shipment are tight at present because most mills want to have their cargo exported before the government announces the new rebate policy, which is expected by early June.