Hot-rolled coil prices in China’s domestic market cruised higher on Monday May 31, with the futures market extending its rally.
Domestic
Eastern China (Shanghai): ۵,۵۰۰-۵,۶۰۰ yuan ($864-880) per tonne, up by 100 yuan per tonne.
The most-traded HRC October contract on the Shanghai Futures Exchange hit a high of 5,535 yuan per tonne on Monday morning, extending its rally from late last week.
While spot prices strengthened, trading across China’s eastern region was more active at the lower end of the assessed range, with less activity on the higher end.
While HRC prices in China’s domestic market have risen for a third day, they are still more than 1,000 yuan per tonne below their record high of 6,680-6,710 yuan per tonne achieved on May 12.
Export
Fastmarkets’ steel hot-rolled coil index export, fob main port China: $۹۱۳٫۶۵ per tonne, up by $6.25 per tonne.
Following gains in the domestic market, an eastern Chinese mill raised its export offer for HRC to $950 per tonne fob on Monday, from last Friday’s $930-935 per tonne fob.
Another mill in the northern region offered its products at $1,050 per tonne fob for August delivery.
Some market participants indicated workable prices for steel mills at $920-940 per tonne fob, but buyers’ bids stood at $880-890 per tonne fob.
The export market was quiet on Monday, with expectations of the Chinese government imposing an export tax on HRC keeping market participants on the sidelines.
Shanghai Futures Exchange
The most-traded October HRC contract closed at 5,354 yuan per tonne on Monday, up by 26 yuan per tonne from last Friday’s close.
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