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Yeah, 531ST is higher spec if you are a tourer. If you are a racer, 531C is higher spec.
They both are 531, but with differences to suit usage. ST I think is thicker (Super Tourist) particularly in the BB area and where it matters for stability and durability under heavy loads, whilst C (which stand for Competition) is more responsive and more suitable for racing.
anidel
Looks like it should be 531ST which is higher spec. Those decals do look a bit too good given the scratches elsewhere.
http://veterancycleclublibrary.org.uk/ncl/pics/British%20Eagle%20Cycle%20catalogue%20c1989%20(V-CC%20Library).pdf