Chinese HRC prices tick lower on demand concerns

Spot prices for hot-rolled coil in China continued to move lower on Thursday November 18, while futures prices resumed their decline amid increasing demand concerns.

Domestic
Eastern China (Shanghai): 4,650-4,700 yuan ($729-736) per tonne, down by 30-40 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange resumed its decline on Thursday, reversing gains from the previous day's rally and finishing the day at 4,333 yuan per tonne, which was its lowest closing price since February 2.

Losses in the HRC futures contract accelerated in afternoon trade. The most-traded contract for iron ore, a key raw material for steelmaking, on the Dalian Commodity Exchange also tumbled to an intraday low of 510.5 yuan per tonne - the lowest since January 2019 - amid the release of weekly figures for China's HRC inventory...

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