During the week ending July 3, the Chinese hot rolled coil (HRC) market has continued to drop down. Average prices of HRC in the Chinese domestic market can be viewed in the SteelOrbis price reports section.
In the given period, some domestic steel mills announced reductions in their HRC offer prices. As for the future market, most traders are still pessimistic and are not inclined to book supplies. As some mills are suffering from high inventory pressure, discounts are given here and there. In the past week, there have been considerable supplies of low-priced ex-Anshan Steel HRC available in the Shanghai market. At present, most traders are maintaining a cautious approach, keeping their inventories as low as possible in order to avoid risks.
It is expected that the Chinese HRC market will continue its weak trend in the coming week.