It is reported that Chinese hot rolled steel coil prices recovered slightly this week with fluctuation.
The prices rebounded by some CNY 80 per tonne for the first two days then started to drop slightly in the following days. In export and import market, few deals are seen, most importers are still holding wait-and-see attitude by the moment and hoping the market would return in the coming June.
Domestic hot rolled steel coil prices inched up slowly. On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 3180 per tonne up by CNY 40 per tonne from last week. That for 4.75mm to 12mm*1800mm goes at CNY 3220 per tonne an increase of CNY 90 per tonne.
As for export, market remains sluggish and price posts at USD 470 per tonne to USD 490 per tonne however, there are exports to South Korea with the price of USD 430 per tone, though the volume is small. Exporter are pessimistic about the overseas'' demand to recover in the near future and some of them are hoping the government could hike the export tax rebate.