WEEKLY: China's HRC export prices rise further

After the previous week’s $7/tonne increase, China's export prices for hot-rolled coil (HRC) gained further strength during the week of August 24-28, with Mysteel assessing the export price of SS400 3mm commercial-grade HRC at North China's Tianjin port on August 28 higher by $2/t on week at $490/t FOB.

The rise was mainly the product of firmer cost support from higher raw materials prices such as those of iron ore and coking coal. This, coupled with the seasonal recovery in restocking demand in major overseas markets like Vietnam, encouraged Chinese steelmakers to raise their offers further, a Shanghai-based ferrous