CHINA HRC: Mills keep offers high despite weakening spot prices

Eastern China’s hot-rolled coil prices continued to soften on Friday July 12, with traders continuing to make concessions to boost trading activity, though producers raised their offers.

Domestic
Eastern China (Shanghai): 3,850-3,860 yuan ($560-562) per tonne, down 10-20 yuan per tonne
Northern China (Tianjin): 3,830-3,840 yuan per tonne, unchanged
Transaction prices in Shanghai fell further during the day, with traders doing their best to secure orders for materials due to be delivered soon. A trading source in Hangzhou said that traders were mostly still profiting because they had booked those materials from mills at much lower prices previously.
Buyers consisted largely of end users, with the narrow difference between spot and futures prices providing little incentive to speculators.

While transaction prices in the eastern...

Published

Miranda Song

July 12, 2019

12:29 GMT

Shanghai