CHINA HRC: Importers snub cargoes from India amid higher freight rates

China’s domestic hot-rolled coil prices rebounded on Tuesday June 30, but importers still had little interest in shipments from India due to an increase in freight rates.

Domestic
Eastern China (Shanghai): 3,720-3,750 yuan ($525-530) per tonne, up 10-20 yuan per tonne
Prices in the domestic market rebounded amid rising futures. A Shanghai-based trader said transactions were largely being concluded at 3,730-3,750 yuan per tonne, though they fell as low as 3,720 yuan per tonne in the afternoon when HRC futures shed some gains.

Despite the increases, the trader expects spot HRC prices to weaken over the next few days or weeks because some mills were increasing their production rates for the flat steel product due...

Published

Miranda Song

June 30, 2020

11:56 GMT

Shanghai