CHINA HRC: Prices weaken on fall in raw materials costs, high mill inventories

China's domestic hot-rolled coil prices weakened on Tuesday April 28, with sentiment dampened by futures losses amid a drop in raw materials costs.

Exporters, meanwhile, expect sellers globally to cut their offer prices amid bid drops, especially when mills remain in pressure to reduce inventories.
Domestic
Eastern China (Shanghai): 3,260-3,280 yuan ($460-463) per tonne, down 30-40 yuan per tonne
Northern China (Tangshan): 3,240 yuan per tonne, unchanged
A Shanghai-based trader said sellers there had to cut offers after weakening futures hit market sentiment.

He said the drop in steel futures was partly because market participants were expecting prices to fall in May when many imported HRC...

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