On the back of high production costs, in the past week HRC prices in China moved up slightly compared to previous weeks. Although many end-users have continued to keep their purchases to minimum levels, overall demand has gradually recovered in line with the improving weather conditions. In the given week, HRC market inventories have continued to decline. Most traders are eager to push up their quotations.
Some market players are worried about the prospects for steel prices in China in the coming years, while others are keeping a close eye on developments at the Chinese National People's Representatives Congress and at the Chinese People's Political Consultative Conference held on March 3-14. For the short-term market prospects, some players continue to maintain a positive view.
On the whole, it is expected that HRC prices in the Chinese domestic market will continue to trend up in the coming week, though by a limited margin.