CHINA HRC: Domestic prices dip on dismal economic data

Spot prices for hot-rolled coil in China’s domestic market extended losses on Wednesday September 15, as weak economic data and new outbreaks of Covid-19 in the country weighed on market sentiment.

Domestic
Eastern China (Shanghai): 5,710-5,780 yuan ($887-898) per tonne, down by 40-60 yuan per tonne
China’s National Bureau of Statistics released a swath of data on industrial output, retail sales, fixed-asset investment and property development investment on Wednesday morning.
The data pointed to a slowdown in growth, triggering fears that the country’s economic recovery is losing momentum and clouding the outlook for steel demand.
Meanwhile, new outbreaks of Covid-19 infections in Fujian province, southeast China, added to concerns over the country’s economic recovery.

Despite the dismal economic data exerting pressure, the most-traded HRC contract on the Shanghai Futures Exchange managed to...

Published

Paul Lim

Zihuan Pan

September 15, 2021

10:37 GMT

Shanghai, Singapore