WEEKLY: China's HRC export standoff continues

China's export prices for hot-rolled coil (HRC) stayed unchanged overall last week, with Mysteel assessing the export price of SS400 3mm commercial-grade HRC at North China's Tianjin port on July 31 at $485/tonne FOB. The determination of Chinese mills to resist lowering their export prices continues to clash with weak buying interest from importers, Mysteel Global learned.

During the July 27-31 week, hot coil offers from China's privately-owned steelmakers remained largely stable on week at around $485-500/t, while offers from mainstream state-owned mills were also steady in the range of $495-510/t FOB China. The actual tradable level was around $485-495/t FOB China, according to Mysteel's latest market roundup. With their margins remaining thin, mills had been cautious about cutting export