It is reported that Chinese hot rolled steel coil prices increased continuously this week. The prices increased some CNY 60 per tonne after the first day''s CNY 8 per tonne drop. In export and import market, the quiet performance remains unchanged and only few deals are seen. Most of the products arrived this week are mainly contracts signed earlier.
Taking Shanghai price for commercial 4.75mm to 12mm*1500mm HRC as benchmark, price is expected to keep weak if it remains below CNY 4000 per tonne. But short term outlook becomes bright and price is expected to see some increase of CNY 100 per tonne to CNY 200 per tonne as many new projects are starting to kick off and demand is gradually warming up.
Import market continues its soft performance this week with almost no offer in the market. While in the international market, CIS has hiked its May delivered resources by USD 40 per tonne with the price posts at USD 350 per tonne to USD 400 per tonne FOB Bleak Sea.
As for export, market remains sluggish and price posts at USD 460 per tonne to USD 480 per tonne however, it is said one Chinese steel mill has signed a deal to deliver 12,000 tons of HRC to South Korea in May with the price of USD 439 per tonne.