It is reported that China has received much lower HRC import offer from Russian and Ukrainian steelmakers this week on sluggish market situation both home and abroad.
Domestic hot rolled steel coil prices have been in small and frequent fluctuations. On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 3300 per tonne to CNY 3320 per tonne largely unchanged with last Friday. That for 4.75mm to 12mm*1800mm goes at CNY 3350 per tonne to CNY 3360 per tonne a drop of CNY 10 per tonne to CNY 20 per tonne.
Taking Shanghai price for commercial 4.75mm to 12mm*1500mm HRC as benchmark, prices are expected to keep weak if it remains below CNY 3500 per tonne. But there would be rebound if it remains above CNY 3200 per tonne.
Latest import offer by Russian steel producers have see another decrease of USD 20 per tonne from early last week. Prevailing levels are at USD 400 per tonne to USD 420 per tonne CFR Chinese ports, while Ukrainian steel mills have cut their quotations to USD 380 per tonne to USD 400 per tonne CFR.