CHINA HRC: Rising inventory levels put pressure on mills to sell

China’s hot-rolled coil prices fell again on Friday September 20, with mills rushing to sell amid rising inventory levels ahead of an approaching week-long holiday.

Domestic Eastern China (Shanghai): 3,600-3,610 yuan ($507-509) per tonne, down 40 yuan per tonne Northern China (Tangshan): 3,540-3,560 yuan per tonne, down 50-60 yuan per tonne Sellers in the spot market started to lower prices in the morning after mills reduced their offers. Prices fell further in the afternoon after HRC futures weakened. A Shanghai-based trader described the day’s trading activity as moderate, or “at least better than the previous two days,” but market participants continued to expect prices to drop due to the urgency among mills...

Published

Miranda Song

September 20, 2019

11:57 GMT

Shanghai