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    CHINA HRC: Domestic prices drop, Beijing’s mixed messaging casts doubt on H2 steel cut plans

    شناسه : 52365 12 مرداد 1400 - 10:30
    Prices of hot-rolled coil across China’s domestic market fell sharply on Monday August 2, while futures prices tumbled after Beijing’s latest comments on carbon emissions reductions sent confusion across the markets, sources told Fastmarkets.
    CHINA HRC: Domestic prices drop, Beijing’s mixed messaging casts doubt on H2 steel cut plans
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    Prices of hot-rolled coil across China’s domestic market fell sharply on Monday August 2, while futures prices tumbled after Beijing’s latest comments on carbon emissions reductions sent confusion across the markets, sources told Fastmarkets.

    Domestic

    Eastern China (Shanghai): 5,760-5,860 yuan ($892-907) per tonne, down by 150-240 yuan per tonne

    The most-traded HRC contract on the Shanghai Futures Exchange for October delivery slipped to a three-week low of 5,735 yuan per tonne in morning trade on Monday, before finishing the day at 5,780 yuan per tonne.

    China’s paramount decision-making body said on Friday July 30 that the country should put a break on “whirlwind campaigns” for carbon reduction amid its push for achieving a carbon peak by 2030, according to the official report on the meeting held by the Political Bureau of the Communist Party of China (CPC) Central Committee.

    These comments sparked fears that the ongoing nation-wide steel production curbs in the rest of 2021 will be less aggressive than previously thought, industry analysts said.

    The meeting mentioned that the country will continue its efforts to “ensure supply and stable pricing of commodities,” which also weighed on market sentiment.

    Trading activities across the spot HRC market improved on Monday, while downstream users stepped up purchases to replenish their stocks after prices tumbled, sources said.

    Export

    Fastmarkets’ steel hot-rolled coil index export, fob main port China: $931.67 per tonne, down $3.33 per tonne

    Trading houses refrained from offering at the beginning of the week, and market participants were still digesting the latest removal of value-added tax rebates for some steel exports.

    Some buyers canceled their orders of cold-rolled coil and galvanized coil because the 13% VAT rebate removal is a substantial cost increase, sources said.

    Despite sharp losses in domestic prices, offers for SS400 HRC from large-scale mills remained high at $1,000-1,040 per tonne fob China.

    Market chatter

    “Market sentiment was also subdued by growing concerns over the Covid-19 pandemic [as the recent surge of local infections spread to more areas]. Logistics in Jiangsu [the cluster of this round of outbreak] have been suspended,” a Shanghai-based trader said.

    Shanghai Futures Exchange

    The most-traded October HRC contract closed at 5,780 yuan per tonne on Monday, dropping by 389 yuan from last Friday’s close.

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