Extended domestic declines knock Chinese CRC, HDG export prices to new lows

Export prices for Chinese steel cold-rolled coil and hot-dipped galvanized coil extended their declines over the week to Tuesday November 16, dropping to their lowest in seven and a half months.

Although domestic HRC prices have stemmed their losses, trading liquidity for Chinese CRC and HDG exports failed to pick up, as potential further downsides in prices and fears of an introduction of export duties have kept buyers on the sidelines.
The offer-bid gap remained during the week despite the recent sharp losses, with buyers following to lower their bids, a Hong Kong-based trader said.
Traders expect trading liquidity to improve after prices show signs of stabilizing or bottoming out given that Chinese prices have been competitive compared with offers from other origins.

A Shanghai-based trader said that...

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