CHINA HRC: Short-selling traders hesitate after mills announce production cuts

China’s domestic hot-rolled coil prices fell further on Monday 30 amid thin trading, while exporters have started to think twice about short-selling after mills announced plans to cut production.

Domestic
Eastern China (Shanghai): 3,290-3,310 yuan ($464-466) per tonne, down 40 yuan per tonne
Northern China (Tangshan): 3,260 yuan per tonne, down 20 yuan per tonne
Thin trading in Shanghai forced sellers to cut their offers in a bid to reduce stock levels.
A trader in the city said many sellers with a lot of inventory were worried about the possibility of prices tumbling in the next few weeks due to weak demand, with most downstream sectors operating at low rates.
In contrast, trading activity in northern China was moderate, though prices fell slightly, a trader there said.

He said most mills in...

Published

Miranda Song

March 30, 2020

10:57 GMT

Shanghai