CHINA HRC: Prices stable but pessimism looms

China’s hot-rolled coil prices remained stable for a third day on Wednesday October 30 with mills receiving a steady stream of orders, though stockists drew down their inventories on a bearish outlook for the market.

Domestic Eastern China (Shanghai): 3,500-3,520 yuan ($495-498) per tonne, unchanged Northern China (Tangshan): 3,500 yuan per tonne, unchanged Steady downstream demand kept prices flat during the day, though a trader in Shanghai said that was not due to optimism. Instead, this was attributed to stockists drawing down their inventories to avoid losses when prices fall over the next few months, which in turn...

Published

Miranda Song

October 30, 2019

09:26 GMT

Shanghai