CHINA HRC: Bearish sentiment drags prices down further amid rising inventories

China’s hot-rolled coil prices weakened again on Thursday June 6 on thin trading amid bearish sentiment and rising inventory levels.

Domestic Eastern China (Shanghai): 3,840-3,850 yuan ($556-557) per tonne, down 30 yuan per tonne Northern China (Tianjin): 3,790-3,800 yuan per tonne, down 10 yuan per tonne Transaction prices fell nationwide despite mills keeping their offers steady, with buyers being reluctant to restock amid a bearish outlook for the market. The futures market slumped in the morning, which dampened sentiment in the spot market. Rising inventory levels also resulted in even more pessimism in the market, a Shanghai-based trader said. HRC inventory...

Published

Miranda Song

June 06, 2019

11:40 GMT

Shanghai