A top Japanese steelmaker is expecting a rebound in prices for hot-rolled coil (HRC) in Asia in the fourth quarter of the year, based on the bullish fundamentals which should be seen during that period, Fastmarkets has heard.
"Aggressive export offers from Indian mills - due to weak domestic demand during the monsoon season and short-selling by traders which held bearish oulooks on the spot market - caused prices to fall quickly," a source at the Japanese mill told Fastmarkets.Seasonal demand in China during the autumn will also rise, but more production restrictions were also expected to be announced for the lead-up...