Uptrend in local Chinese HRC market while demand grinds to a halt

Tuesday, 05 February 2013 16:13:58 (GMT+3)   |   Shanghai
During the week ending February 5, hot rolled coil (HRC) prices in the Chinese domestic market have moved on an upward trend, while demand from downstream users is slowing to a halt as most of them have exited the market for the Spring Festival/Chinese New Year holiday. Average HRC prices in the local Chinese market can be viewed in the SteelOrbis price reports section.

Currently, traders are unwilling to sell but are raising their offer prices as they are looking forward to a bullish market after the holiday. The traders still lingering in the market will leave for their home regions in the coming one or two days after finishing their remaining work.

It is expected that Chinese domestic HRC prices will follow a stable trend in the days left before the holiday.

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