China's hot-rolled coil prices continued to weaken on Wednesday February 24 amid rising inventories in the domestic market, while higher freight rates dampened exporters' willingness to book cargoes from Chinese mills.
Domestic
Eastern China (Shanghai): 4,830-4,840 yuan ($747-749) per tonne, down 10-30 yuan per tonne
Several traders in Shanghai said that the domestic market remained inactive even when futures strengthened on Wednesday afternoon.
One of the traders said downstream buyers had little willingness increase their bookings amid rising inventories.
Warehouses in Shanghai had some 573,700 tonnes of HRC on Wednesday, up by 27,200 tonnes from 546,500 tonnes a week earlier, according to data from the trading company he works for.
Export
Fastmarkets' steel hot-rolled coil index export, fob main port China: $685.95 per tonne,...