China's Benxi Raises HRC Price for Sep Shipments by $20 to $510 FOB

摘要

According to a source, Benxi Iron & Steel of China ("Benxi") began on 25 June negotiations on hot-rolled steel coil (HRC) for September shipments in the export market, with the offer price of $510 FOB, up by $20 month-on-month (m/m). This is the first markup on HRC by Benxi since late April. As the HRC price was on a gradual decline, HRC customers have been reducing their stockpile. Now with little stockpile in hand and the HRC price reversing, the customers are expected to rush into replenishing their stockpile. Benxi is also likely to raise its HRC price even further next week. All these may drive the HRC price up at an unexpected speed.