China's hot-rolled coil prices weakened in the domestic market on Wednesday July 1, leading to expectations among market participants that exports could resume.
Domestic
Eastern China (Shanghai): 3,720-3,730 yuan ($526-527) per tonne, narrowing downward by 20 yuan per tonne
Prices weakened on futures losses, but a Shanghai-based trader said that trading remained stable on steady demand.
Most market participants believe HRC prices will weaken in the domestic market in the next few days, because some producers have shifted their focus on production to HRC, which has higher profit margins that rebar.
Continuous heavy rains in China have dampened market sentiment but its impact on flat steel, which is mainly...