During the week ending January 8, average hot rolled coil (HRC) prices in the Chinese domestic market have risen slightly, while 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) have bottomed up, exerting a positive impact on HRC prices in the domestic spot market. Meanwhile, China's central bank said on January 4 that it will cut the reserve requirement of most banks by 100 basis points, with this development providing support for prices of semi-finished steel and HRC. However, market players think activity in the HRC market will become quiet in late January due to the approach of the Chinese New Year holiday (February 2-10). 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 |
3,650 |
532 |
0 |
|
Tianjin |
Ansteel |
3,620 |
528 |
↑40 |
|||
|
Lecong |
Liuzhou Steel |
3,850 |
561 |
0 |
|||
|
Average |
- |
3,706 |
540 |
↑13 |
|||
|
Thin HRC |
2.75 mm x 1.,250 mm x C |
Q23 5B |
Shanghai |
Ansteel |
3,730 |
544 |
↑10 |
|
Tianjin |
Tangshan Steel |
3,760 |
548 |
↑40 |
|||
|
Lecong |
Lianyuan Steel |
3,910 |
570 |
0 |
|||
|
Average |
- |
3,800 |
554 |
↑16 |
16 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.86