Mills increased their offers again on steady domestic demand in China amid the ongoing winter production cuts, and costlier hot-rolled coil feedstock also helped to push up the prices, sources said.
Fastmarkets’ daily fob China HRC Index stood at $538.25 per tonne fob on Tuesday, up by $3.08 per tonne week on week. China’s domestic HRC prices likewise increased this week, amid a buying spree ahead of a reduction in the country’s value-added tax on April 1.
Fastmarkets’ weekly export price assessment for Chinese SPCC 1mm CRC was $565-575 per tonne fob China on Tuesday March 19, up $10 per tonne from a week earlier.
Many overseas buyers continued to resist higher CRC offers from...