During the week ending October 22, the Chinese domestic hot rolled coil (HRC) market has been moving downward. Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
The local Chinese HRC market is still characterized by low inventory and low prices against the background of a lack of confidence and weakness in the overall steel market. With prices dropping down, traders have become less enthusiastic about concluding sales.
However, some players in the market hold the optimistic view that current prices are lower than they should be and so there may be room for prices to rise in the future. For the coming week, it is expected that Chinese domestic HRC prices will continue to move down.