CHINA HRC: Exporters cautious about possible global output cut [CORRECTED]

Spot prices for Chinese hot-rolled coil were largely stable on Wednesday April 8, with exporters exercising caution amid the possibility of steelmakers worldwide cutting output due to a continually weakening market caused by the Covid-19 pandemic.

Domestic
Eastern China (Shanghai): 3,220-3,230 yuan ($456-457) per tonne, unchanged
Northern China (Tangshan): 3,190-3,200 yuan per tonne, widening upward by 10 yuan per tonne
Prices across the country held steady amid active trading in the spot market.
A Shanghai-based trader attributed this to sentiment improving on gains in the futures market, although he added that he did not consider this a significant rebound in demand.
Some market participants have become more bearish about prices for Chinese, especially with traders importing the product from India and Russia.

Published

Miranda Song

April 08, 2020

11:12 GMT

Shanghai