China's hot-rolled coil prices dipped again on Wednesday March 17, though trading activity picked up on falling inventory levels. Mills channeled more of their products to the export market to ensure they could fulfill orders ahead of a possible export tax rebate cut.
Domestic
Eastern China (Shanghai): 4,940-4,960 yuan ($760-763) per tonne, down 10 yuan per tonne
HRC sellers in Shanghai's spot market asked for around 4,940 yuan per tonne in the morning, but in the afternoon many of them managed to secure orders at around 4,960 yuan per tonne amid active trading, sources told Fastmarkets.
Many downstream buyers returned to the market to restock after HRC inventory levels in eastern China dropped, a Shanghai-based trader said.
Major warehouses in Shanghai had a total of 486,200 tonnes...