CHINA HRC: Inventory drop bolsters prices

China’s hot-rolled coil market maintained its upward trajectory on Thursday November 14 amid a drop in inventory levels.

Eastern China (Shanghai): 3,580-3,590 yuan ($510-511) per tonne, up 30 yuan per tonne
Northern China (Tangshan): 3,560 yuan per tonne, up 20-30 yuan per tonne
News of declining inventories improved sentiment, which stimulated trading.
A domestic steel consultancy reported that spot HRC markets in China had 1.87 million tonnes of the product on Thursday, down 127,800 tonnes week on week.

Futures surged amid the news, though some participants attributed the rise to short-selling traders in this segment of the market closing their positions...


Miranda Song

November 14, 2019

09:45 GMT