During the week ending October 8, the Chinese domestic hot rolled coil (HRC) market has seen minor downward fluctuations. Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
After the National Day holiday, the Chinese HRC market has not been as active as predicted by insiders with demand not yet indicating a recovery, while destocking by some traders has resulted in price decreases.
Traders are still adopting a cautious approach as it is not clear whether HRC prices will continue to trend down. However, many observers consider that, as prices are already very low, there is limited room for further decreases. It is thought that Chinese domestic HRC prices may move down slightly in the coming week.