Prices for HRC in the local market in China have retreated on Wednesday, December 23, as iron ore prices have dropped from their recent highs and as buyers of HRC have become more cautious. At the same time, export prices for Chinese HRC have not declined after an increase earlier this week.
Domestic HRC prices in China have fallen by RMB 125/mt ($19/mt) to RMB 4,760-5,050/mt ($726-770/mt) ex-warehouse on December 23 compared to the previous day, with the average price level at RMB 4,905/mt ($748/mt) ex-warehouse, according to SteelOrbis’ data. Prices and trading has been hit most in the eastern part of China and the main reason behind the sharp daily drop has been the iron ore price decline over the past two days.
Export offers for boron-added SS400 HRC given by major Chinese mills have remained at $710-745/mt FOB. Rare bids have been heard at $680-690/mt FOB with the market activity low, taking into account the sharp hike in offers earlier this week and uncertain sentiment.
$1 = RMB 6.5558
