CHINA HRC: Cargoes' imminent delivery pressures traders to sell at discount

China’s hot-rolled coil prices fell amid weakening futures, with traders agreeing to sell cargoes with shorter lead times at a discount to those being offered by mills.

Domestic Eastern China (Shanghai): 3,890-3,900 yuan ($565-566) per tonne, down 30-40 yuan per tonne Northern China (Tianjin): 3,830-3,840 yuan per tonne, down 10-20 yuan per tonne Transaction prices fell across the country even though mills kept their offers flat, with downstream buyers putting off their purchasing plans on seeing the drop in the futures market. Trading activity on Wednesday was thinner than that a day earlier, a Shanghai-based trader said. The deals that were concluded involved mostly downstream buyers rather than securities traders, because...

Published

Miranda Song

July 10, 2019

11:31 GMT

Shanghai