***China’s HRC Domestic prices
Eastern China (Shanghai): 3,840-3,860 yuan ($573-576) per tonne, up 50 yuan per tonne
Northern China (Tianjin): 3,760-3,780 yuan per tonne, up 20 yuan per tonne
Tangshan is reportedly implementing its winter production restrictions strictly to improve air quality, a move that appears to have affected HRC production more than that for rebar.Market participants expect HRC supply from the city to other spot markets in the country – such as Tianjin and Shanghai – to decline over the remainder of this week, which would likely push up prices. Buyers stepped up their procurement rates as a result.The stronger demand, coupled with rising futures, resulted in higher spot HRC prices.
***China HRC Index
MB fob China HRC Index: $535.17 per tonne fob, up $7.17 per tonne HRC offers were heard at $540-550 per tonne fob on Tuesday, up $5-10 per tonne from last week’s $535-540 per tonne fob. Mills’ bullish outlook for domestic demand and prices in March – typically a strong month for steel consumption in China – is one reason why they raised their offers, sources said.Meanwhile, overseas demand also appeared to be improving, they added.
***eastern China Prices
A mill in eastern China was heard to have sold more than 10,000 tonnes of HRC earlier this month at $525-530 per tonne fob.A few other smaller cargoes were heard to have changed hands around $530 per tonne fob last week. Market participants expect steel mills to take orders at $530-535 per tonne fob over the rest of this week based on current domestic prices.
Market chatter
“We sold 1,000 tonnes of HRC today in Shanghai, much higher than the past few trading days. End users and stockists are both purchasing HRC to replenish their inventories,” a trader based in the eastern Chinese city said.
Shanghai Futures Exchange
The most-traded May HRC futures contract closed at 3,776 yuan per tonne on Tuesday, up 84 yuan per tonne from a day earlier.
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