During the week ending November 26, the Chinese domestic hot rolled coil (HRC) market has been almost stable, with average prices just indicating a very slight weakness. Average HRC prices in the local Chinese market are as follows:
Spec |
Category |
Average price |
Weekly change (RMB/mt) |
Price |
(RMB/mt) |
($/mt) |
|||
5.75 mm x 1,500 mm |
Q235B |
3,487 |
-7 |
573 |
2.75 mm x 1,250 mm |
Q235B |
3,650 |
-3 |
599 |
Transaction activity has declined in the Chinese domestic HRC market in the past week. On the one hand, most mills have decreased their HRC prices, with Hubei-based steelmaker Wuhan Iron and Steel Co. (WISCO) reducing its price by $8/mt. On the other hand, sluggish demand has weakened traders' confidence. On the positive side for the market trend, levels of inventory in the market have decreased. As regards the coming week, it is thought that Chinese domestic HRC prices will probably move on a soft trend.