During the week ending November 6, hot rolled coil (HRC) prices in the Chinese domestic market have continued to rise. Average HRC prices in the Chinese market can be viewed in the SteelOrbis price reports section.
With the approach of the 18th National Congress of the Communist Party of China, the domestic steel market is keeping a close watch on the new policies of the government. At present, traders are less eager to strive for orders than they were at the end of last month. Some traders have even closed their sales and are maintaining a wait-and-see stance.
With limited new arrivals in the domestic market as well as low inventory levels at the big mills, HRC prices in the Chinese market have continued to climb up. For the coming week, it is expected that HRC prices in China will trend sideways.