Import demand for hot-rolled coil in China declined in the week ended Friday July 17 after Indian sellers kept their offers at high levels. Domestic prices were largely stable during the day.
Domestic
Eastern China (Shanghai): 3,870-3,900 yuan ($553-558) per tonne, widening downward by 10 yuan per tonne
Northern China (Tangshan) - weekly assessment: 3,770-3,800 yuan per tonne, up 50 yuan per tonne
Sellers in Shanghai aimed to offer HRC at 3,880-3,900 yuan per tonne on Friday, but trading activity weakened from the previous day, resulting in prices widening downward slightly.
Most traders were of the opinion that demand had weakening slightly in the past few days.
A Shanghai-based trader believes sentiment will remain optimistic with HRC futures rising during the day, especially since eastern China is still experiencing a relative shortage compared with other regions such as northern and southern China.
HRC...