Asia HRC down on falling China market; CRC up amid rebate removal

摘要

Asian hot-rolled coils prices dropped further Aug. 3, led by the falling Chinese market, with the country’s futures slipping to one-month low. Some Chinese mills hesitated to provide new offers, as the domestic market fell by a total of Yuan 310/mt in Shanghai during Aug. 2-3, amid easing concerns in the market on the impact of the nation's carbon reduction efforts on steelmakers. It was better to offer when the market stabilizes from the current sharp declines, said a Chinese mill source. “Future decreased a lot ... so customer mind changed too,” said a South Korean trader.