During the week ending April 14, average hot rolled coil (
HRC) prices in the Chinese domestic market have indicated a soft trend, while overall transaction activity in the market has been on the low side.
Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week,
HRC traders have mostly been pessimistic on the future prospects for the market and have been reluctant to conclude transactions.
HRC producers in northern
China have started to maintain a wait-and-see stance, slowing down their deliveries. Meanwhile, major domestic steelmakers including Baosteel and Wuhan Iron and Steel Group have cut their
HRC ex-works prices for May delivery by RMB 50/mt ($8/mt), exerting a negative impact on
HRC market prices. It is expected that
HRC prices in the Chinese domestic market will move on a slight downtrend in the coming week if demand does not improve.