CHINA HRC: Exporters quiet due to soaring freight costs

China’s hot-rolled coil prices narrowed day on day on Friday February 26 amid futures losses, with the export market largely quiet due to surging freight costs.

Eastern China (Shanghai): 4,880-4,900 yuan ($756-760) per tonne, narrowing from both ends
Northern China (Tangshan) - weekly assessment: 4,760-4,850 yuan per tonne, up 100-130 yuan per tonne
A Shanghai-based trader said market activity was still recovering because many heavy machinery projects have not yet resumed - a factor that helped to drag down prices at the higher end of the range on Thursday.
He said the amount of daily orders his company was receiving was 50-70% of the usual level.
Futures losses had also dampened market sentiment in the spot market on Friday, he added.

Most market participants now expect HRC prices to stay high for a while, because...


Miranda Song

February 26, 2021

10:09 GMT