CHINA HRC: Declining futures push prices downward

China’s hot-rolled coil prices continued to drop on Wednesday October 16 in both the domestic and export markets, with exporters coming under pressure to lower their offers amid intense competition.

Domestic Eastern China (Shanghai): 3,520-3,540 yuan ($497-500) per tonne, down 10 yuan per tonne Northern China (Tangshan): 3,520 yuan per tonne, down 10 yuan per tonne The spot market weakened during the day amid declining futures, which made buyers resist high prices. This was despite trading activity being described as “moderate” by a trader in Shanghai, who said downstream demand was stable. Market participants said the decline...

Published

Miranda Song

October 16, 2019

11:55 GMT

Shanghai