Asian hot-rolled coil prices were largely stable on July 13, in line with the modest retreat seen in the Chinese domestic market and slow buying activity from overseas buyers. Chinese HRC futures hit the highest level in nearly two months amid expectations of output cuts. S&P Global Platts assessed SS400 HRC 3 mm thick at $906/mt FOB China, unchanged on the day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $905/mt, stable on the day. Some mills suspended providing new offers due to uncertain output reduction plans, while some were awaiting buyers to catch up before offering. But demand from overseas buyers was quiet now seasonally, despite the expectation that Chinese prices would be supported by output cuts, said a Chinese mill source.
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