China's hot-rolled coil producers are looking to export more of the product amid expectations that domestic prices will continue to fall in the near term, key flat steel traders told Fastmarkets MB.
HRC prices in eastern China were at 4,170-4,190 yuan ($601-604) per tonne on Thursday October 25, down from 4,280-4,300 yuan per tonne a month earlier.Export prices also fell, with the MB fob China HRC Index at $535.50 per tonne on the same day, compared with $565.19 per tonne fob a month earlier."Mills have a more urgent need to export HRC in case domestic prices drop further," a Hangzhou-based trader said.He said that several Chinese mills had an arrangement with domestic buyers to only agree on prices upon the delivery of cargoes. The buyers had pushed for this arrangement due to their concerns of paying a certain price for materials only for spot market prices to fall further by the time the...