During the week ending November 15, prices in the Chinese hot rolled coil (HRC) market have increased slightly. As of November 15, the average hot rolled coil prices in the main markets in China are as follows:
Product name |
Specification |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
HR |
5.75 mm x 1,500 mm |
Q235B |
4,223 |
+20 |
666 |
+3 |
HR |
2.75 mm x 1,250 mm |
Q235B |
4,420 |
0 |
697 |
0 |
As of November 15, the prices of Q235/S400 5.75 mm HRC in Shanghai, Tianjin and Lecong are respectively RMB 4,180/mt ($659/mt), RMB 4,240/mt ($669/mt) and RMB 4,250/mt ($670/mt). For Q235 2.75 mm HRC, prices stand at RMB 4,370/mt ($689/mt), RMB 4,280/mt ($675/mt) and RMB 4,610/mt ($727/mt) in the abovementioned cities. All prices include 17 percent VAT ($1 = RMB 6.34).
According to traders, there has been some relief in the availability of funds this week, and the slight increase in imported iron ore prices in the previous week has provided some support to domestic HRC prices in China.
Finally, as the inventory in the main region of domestic HRC market has declined for four consecutive weeks, the traders are reluctant to lower their stocks currently.
Overall, HRC prices in the Chinese domestic market are expected to keep a slight uptrend in the coming week.