It is reported that domestic hot rolled steel prices rebounded this week and some traders believe that current level is quite close to the bottom.
On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 2950 per tonne to CNY 2980 per tonne up by CNY 80 per tonne from last Friday. That for commodity grade 2.75mm HRC remains stable at CNY 3450 per tonne.
Taking Shanghai price for commercial 4.75mm to 12mm*1500mm HRC as benchmark, the bounce would sustain if it could stay above CNY 2780 per tonne to CNY 2800 per tonne. Otherwise there would be further decrease.
Export quotations for Q235 or SS400 HRC have dropped to USD 500 per tonne FOB from USD 520 per tonne to USD 550 per tonne FOB. There are also lower quotations at levels between USD 450 per tonne to USD 470 per tonne FOB for boron added or stock materials.