Hot-rolled coil prices in China’s domestic market traded in a smaller range on Wednesday June 2, following the volatility in Tuesday’s session driven by uncertainty over production curbs in Tangshan.
Domestic ***
Eastern China (Shanghai): ۵,۴۸۰-۵,۵۷۰ yuan ($858-872) per tonne, narrowing the range by 30-50 yuan per tonne.
Prices edged lower on Wednesday after trading at 5,480-5,600 yuan per tonne on Tuesday afternoon when futures clawed back losses caused by expectations of production curbs in Tangshan being eased.
But with no new talks emerging about the Tangshan production curb policy on Wednesday, some sellers raised prices.
Other sellers cut offers, however, following the weakening of prices.
Buyers, meanwhile, stood on the sidelines in expectation of lower prices.
Export ***
Fastmarkets’ steel hot-rolled coil index export, fob main port China: $۹۱۰٫۶۱ per tonne, down by $2.55 per tonne.
China’s HRC export market was quiet again on Wednesday, with possible export tariffs and volatile domestic prices keeping buyers overseas cautious.
There were transactions of several thousand tonnes of July-delivery SS400-grade HRC concluded at $900 per tonne fob to Pakistan. A northern mill’s recent deals were also concluded at this price level.
Another mill in the northern region held its offer at $1,015 per tonne fob, while an eastern mill kept its offer unchanged at $1,000 per tonne fob.
“It’s the beginning of the month; mills are not anxious about selling their products,” one exporter told Fastmarkets.
A second exporter estimated workable prices for some steel mills at $915-920 per tonne fob on Wednesday.
Market chatter ***
“Buyers buy on the way up and don’t buy the way down, which is the reason for the weakened buying interest in the domestic market on Wednesday. But end-user demand for HRC remains strong,” a trader in Shanghai said.
Shanghai Futures Exchange ***
The most-traded October HRC contract shed 132 yuan to end at 5,305 yuan per tonne on Wednesday from Tuesday’s close, halting a four-day streak of increases.
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