CHINA HRC: Bearish outlook weighs further on prices

Eastern China’s hot-rolled coil prices dropped further on Tuesday June 18 amid a sustained bearish outlook for the sector among most market participants.

Domestic Eastern China (Shanghai): 3,730-3,750 yuan ($539-541) per tonne, down 20-30 yuan per tonne Northern China (Tianjin): 3,740-3,750 yuan per tonne, unchanged Participants remained pessimistic about price trends in the HRC market, and are not expecting any significant recovery in demand downstream, though output continued to rise. A rebound in the futures market led by the rebar contract provided some respite by generating some trading activity. A Hangzhou-based source said that was because some speculators had gone on a buying spree in the futures market on expectations that a few rebar producers that operate electric-arc furnace would...

Published

Miranda Song

June 18, 2019

12:15 GMT

Shanghai