Overall downtrend in local Chinese HRC market

Tuesday, 20 September 2016 17:37:25 (GMT+3)   |   Shanghai
       

During the week ending September 20, average hot rolled coil (HRC) prices in the Chinese domestic market have indicated an overall downtrend, while transaction activity in the overall market has been at low levels. Average HRC prices in the local Chinese market are presented in the following table.

During the given week, the downtrend in HRC futures prices has exerted a negative impact on HRC spot market, resulting in slack activities and dragging down HRC prices. HRC traders have mostly hold a wait-and-see stance towards prospect for the future market. However, steelmakers’ comparatively high ex-works prices have provided certain support to HRC prices in spot market. As National Holiday (October 1-7) is approaching, market participants’ sentiment will be negatively affected due to financial tightness. It is thought that HRC prices in the Chinese domestic market will move sideways in the coming week.

Product Name

Spec.

Category

City

Steel Plant/Origin

Price (RMB/mt)

Price ($/mt)

Weekly Change (RMB/mt)

Medium HRC

5.75 mm x 1,500 mm x C

Q235B/SS400

Shanghai

Tangshan Steel

2,700

405

↓40

Tianjin

Tangshan Steel

2,700

405

↓100

Lecong

Liuzhou Steel

2,740

411

↓90

Average

-

2,713

407

↓77

Thin HRC

2.75 mm x 1.,250 mm x C

Q235B

Shanghai

Tangshan Steel

2,870

430

↓40

Tianjin

Tangshan Steel

2,780

417

↓80

Lecong

Lianyuan Steel

2,840

426

↓90

Average

-

2,830

424

↓70

17 percent VAT is included in all prices and all prices are ex-warehouse.

$1 = RMB 6.67


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