As of October 15, Chinese domestic hot rolled coil (HRC) prices indicate a slight increase compared to one week ago. Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
On the back of high production costs, local HRC traders are not inclined to sell at low prices. On the other hand, in light of the price reductions announced by domestic producer Shagang for November, it is expected that local HRC prices will start to decline again.
On the whole, market insiders expect that Chinese domestic HRC prices will move on a soft trend in the coming week, though at the same time it is thought that the room for downward movement of prices is limited.