China's hot-rolled coil prices plunged on Friday March 5 amid a futures retreat, triggered by a stronger United States dollar amid investor expectations for the US to raise interest rates to ease inflation.
Domestic
Eastern China (Shanghai): 4,800-4,830 yuan ($742-747) per tonne, down 150 yuan per tonne
Northern China (Tangshan) - weekly assessment: 4,880-4,930 yuan per tonne, up 80-120 yuan per tonne
Spot sellers of HRC in Shanghai cut offers on Friday following a fall in futures prices, sources told Fastmarkets.
This motivated many downstream buyers to restock on fears of a price rebound over the next few days, one Shanghai-based trader said.
HRC prices in Shanghai have lost 70-80 yuan per tonne in value in recent days after price surges earlier in the week.
Market participants believe HRC prices are high due to inflation fears in the global market. Many...