Significant increases in local Chinese HRC market

During the week ending March 22, average hot rolled coil (HRC) prices in the Chinese domestic market have indicated significant increases, while transaction activity in the overall market has improved and is now at decent levels. Average HRC prices in the local Chinese market are presented in the following table.

During the given week, against the backdrop of increases in HRC futures prices in China, bullish sentiment has prevailed in the domestic HRC spot market, resulting in price increases in the market. Local traders have been happy to increase their HRC offer prices step by step, whereas during the previous strong upward price movement they had suspended their trading activities and waited for higher prices. It is thought that HRC prices in the Chinese domestic market will likely move on a slight uptrend in the coming week. 

 

 

 

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

 

$1 = RMB 6.51