Local Chinese HRC market moves downwards

Tuesday, 24 October 2017 17:35:03 (GMT+3)   |   Shanghai
       

During the week ending October 24, average hot rolled coil (HRC) prices in the Chinese domestic market have decreased, while transaction activity in the market has been at low-to-medium levels. Average HRC prices in the local Chinese market are presented in the following table.

During the given week, HRC futures prices at Shanghai Futures Exchange (SHFE) first declined though later moving back up, with these fluctuations contributing to the week-on-week decline seen in HRC prices in the domestic spot market. Production cuts in northern China due to environmental protection measures have negatively affected demand for HRC, while also resulting in reduced output. Meanwhile, many traders have lowered sales prices to stimulate transaction activities and bring in cash. Currently, HRC prices still have support from the cost side. It is thought that HRC prices in the Chinese domestic market will likely move sideways in the coming week.

Product Name

Spec.

Quality

City

Steel Plant/Origin

Price (RMB/mt)

Price ($/mt)

Weekly Change (RMB/mt)

Medium HRC

5.75 mm x 1,500 mm x C

Q235B/SS400

Shanghai

Ansteel

4,160

627

↓20

Tianjin

Ansteel

4,100

618

↓20

Lecong

Liuzhou Steel

4,260

643

↓40

Average

-

4,173

629

↓27

Thin HRC

2.75 mm x 1.,250 mm x C

Q235B

Shanghai

Ansteel

4,310

650

↓10

Tianjin

Tangshan Steel

4,250

641

↓30

Lecong

Lianyuan Steel

4,350

656

↓90

Average

-

4,300

649

↓43

 

17 percent VAT is included in all prices and all prices are ex-warehouse.

$1 = RMB 6.63


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