“Clients had been in wait-and-see mode since the price downtrend began [in late October]... I believe that the current price levels are good to make purchases,” a Tianjin-based trader said.
“Orders improved last week, because the HRC futures prices [on the Shanghai Futures Exchange] posted temporary rallies and showed signs of stabilizing,” a Hangzhou-based trader said.
When talking to Fastmarkets in the first half of November, sources had expected trading activities for Chinese steel exports to pick up
if prices became more stable, because “buyers do not make purchases on the way down.”
The most-traded January HRC contract on the SHFE shed 84 yuan per tonne and 22 yuan per tonne in the week...