WEEKLY: China's HRC export prices rise again

China’s export price of SS400 3mm hot-rolled coil (HRC) under Mysteel’s assessment at North China's Tianjin port rose by $7/tonne during the week of February 2-6 to reach $470/t FOB by last Friday, Mysteel's latest market roundup showed.

The price rise was partly driven by limited hot coil availability for February as some Chinese mills had suspended taking new orders for February exports, with Chinese New Year (CNY) only two weeks away. Meanwhile, shrinking supply of non-VAT resources following the government's re-introduction of a steel export licensing system on January 1 has also narrowed buyers'