During the week ending April 15, hot rolled coil (HRC) prices in the Chinese domestic market have continued to move on a rising trend, while transaction activity is at poor levels. Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Although some traders in the local Chinese HRC market have been pushing up their offer prices, other market participants prefer to focus on sales volumes in order to bring in funds, and this has slowed the uptrend of domestic prices. In addition, Chinese steel giant Baosteel has reduced its HRC prices by RMB 100/mt ($16/mt), contributing to bearish sentiment in the HRC market. It is thought that HRC prices in the Chinese domestic market will move sideways in the coming week.
$1 = RMB 6,23