Chinese domestic HRC prices hit a new low for the year

摘要

Chinese domestic hot rolled coil prices hit a new low for this year on 29 September, with futures and screen trading steel prices plummeting again on the same day. The falling prices have dented transactions in the market. However, some traders say they will watch HRC prices closely and might re-stock some spot materials after the National Day holidays (1-7 October). The Shanghai Steel Exchange’s widely traded December HRC contract fell RMB 91/tonne ($14/t) to RMB 4,355/t ($681/t) with 17% VAT on 29 September. A negative outlook on the domestic HRC market and growing concerns about economy both inside China and abroad are driving the price falls.