CHINA HRC: Exporters keep offers stable despite impending rebate rise

China’s hot-rolled coil exporters kept offers largely unchanged on Wednesday March 18, but a 3% rise in China's export rebate to 13% from Friday is likely to lead to a fall and will boost domestic demand ahead of the increase.

Eastern China (Shanghai): 3,480-3,500 yuan ($497-499) per tonne, unchanged
Northern China (Tangshan): 3,360-3,380 yuan per tonne, widening upward by 20 yuan per tonne

China's Ministry of Finance announced on Tuesday night that China’s HRC export rebate will rise from 10% to 13% from Friday March 20, which means domestic HRC prices will rise due to declining supplies when more stock is diverted to the export market, several sources said.


Miranda Song

March 18, 2020

10:04 GMT