Rises in hot-rolled coil futures prices in China continued to support spot prices on Monday March 15, although physical demand has dropped.
Steel hot-rolled coil domestic, ex-whs Eastern China, yuan/tonne
| Price | Change | |
|---|---|---|
| ۱۵/۰۳/۲۱ | ۴۹۸۰.۰۰ | – |
| STLM | ۴۴۸۵.۰۰ | ۱۱.۰۴% |
| STLY | ۳۵۰۵.۰۰ | ۴۲.۰۸% |
| Monthly Averages | ||
| Feb 21 | ۴۶۶۷.۵۰ | ۶.۷۰% |
| Jan 21 | ۴۵۴۱.۲۵ | ۹.۶۶% |
| Dec 20 | ۴۵۳۶.۹۶ | ۹.۷۷% |
*** Domestic
Eastern China (Shanghai): ۴,۹۷۰-۴,۹۹۰ yuan ($765-768) per tonne, up by 40-50 yuan per tonne
Sellers offered HRC at 5,000-5,010 yuan per tonne in the morning, citing gains in the futures market, but concluded few deals due to buyer resistance.
This was because some buyers thought the prices were too high to make profit, a trader in Shanghai said.
Concluded deals were mostly at 4,970-4,990 yuan per tonne in the afternoon amid weaker demand than last week, sources said.
*** Export
Fastmarkets’ steel hot-rolled coil index export, fob main port China: $721.25 per tonne, up $1.83 per tonne
Steel mills took a wait-and-see approach and did not release any offers on Monday. A source at a northern mill said the mill plans to supply HRC to domestic buyers first and suspend export offers for a few days.
Meanwhile, market participants estimated mills’ workable prices at $720-725 per tonne fob based on the strong domestic prices.
*** Market chatter
“Whether the environment inspection will take place in other places after Tangshan is the major concern. If so, both supply and demand will drop because steel mills and the downstream processing plants, like galvanized plants, have pollution issues, and the lower activity may push down HRC prices,” a second Shanghai-based trader said.
*** Shanghai Futures Exchange
The most-traded May HRC futures contract closed at 5,068 per tonne on Monday, up by 73 yuan per tonne from last Friday.
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