CHINA HRC: Market confidence grows on no new local infections

China’s domestic hot-rolled coil prices were largely stable on Friday March 20 on the news of no new local infections of the novel coronavirus (2019-nCoV), but market participants expect export offers to drop soon on fierce global competition.

Eastern China (Shanghai): 3,440-3,450 yuan ($485-486) per tonne, narrowing downward by 10 yuan per tonne
Northern China (Tangshan): 3,350 yuan per tonne, unchanged
A Shanghai-based trader said he had to cut offers slightly from yesterday, with buyers taking a wait-and-see position after futures declined in the morning.
But trading picked up after he cut offers to 3,440 yuan per tonne, he said.

A second Shanghai-based trader believes demand will keep growing over the next few weeks, with China allowing more active business operations as the coronavirus comes under better...


Miranda Song

March 20, 2020

10:25 GMT