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WEEKLY: China HRC price dips further, demand retreats

China’s domestic prices of hot-rolled coil (HRC) declined for the second week, down another Yuan 28/tonne ($4.1/t) to Yuan 3,950/t including the 13% VAT as of September 18, Mysteel’s data showed, as both the domestic demand and market sentiment softened.
Meanwhile, the continuously rising production has exerted pressure on prices especially when the demand have shown signs of waning, and Mysteel’s latest survey on China’s 37 flat steelmakers posted fourth week gain over September 10-16, up another 17,600 tonnes on week to nearly 3.4 million tonnes, or a new high

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