During the week ending August 6, hot rolled coil (HRC) prices in the Chinese domestic market have weakened very slightly, almost following a sideways trend. Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Following the latest new arrivals of supplies, traders who had not been inclined to sell off stock materials are now more eager to pursue orders with the aim of bringing in cash. In this context, HRC offers have remained at the low end of the existing price range. Meanwhile, some traders have even reduced their actual transaction prices below mainstream market prices in order to cut their inventory levels. Given the ongoing low consumption of HRC materials, it is harder for traders to liquidate their stock materials and so it is not impossible that they will make further cuts to their prices. It is expected that Chinese domestic HRC prices will just see minor fluctuations in the week to come.