WEEKLY: China's HRC export prices strengthen

After plunging by more than $25/tonne since mid-May, China's export prices for hot-rolled coil (HRC) gained some strength during the week of August 17-21, with Mysteel assessing the export price of SS400 3mm commercial-grade HRC at North China's Tianjin port on August 21 higher by $7/t on week at $488/t FOB.

The rally was mainly fueled by firmer cost support from higher raw materials prices such as those of coking coal that have pushed up the mills' input costs and prompted them to firm their export offers, an industry watcher noted. The Mysteel Coking Coal Index (MCCI), which tracks coking coal prices