Chinese HRC export prices temporarily rebound on positive political news

摘要

Chinese HRC export prices rebounded this week, as sentiments in the local market improved after successful negotiationsbetween the US and China’s presidents on Saturday. Another driver for export quotes was yuan revaluation.Demand did not changed over the period.Most major mills offered HRC (SS400, 3?12 mm) at $490?505/t FOB on Wednesday, December 5, while the range was$480?500/t FOB a week ago. After Donald Trump announced tariffs rise delay, domestic quotes for all steel productsstarted to rebound, as market insiders expected better economical conditions and more steel consumption in the nearfuture. Local HRC prices added RMB 117/t ($17/t) on average since last Wednesday.