HRC Market Report October 2016
2016-11-01 18:02:37 【Print】
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The HRC price in China got back to the upward trend during the month supported by rising raw materials’ prices as well as short supply. The market performance showed signs of recovering right after the National Day holiday since end users had to purchase materials after the consumption during the holiday, but it returned to be unsatisfactory from the second week of the month, coupled with downstream customers’ wait-and-see attitudes. Complaining heavier production cost pressures and limited profit margins, mills were inactive in producing during the month, either taking facility maintenances or slowing down production, and thus deliveries to the market were reduced. Supported by low stockpiles, traders were eager to lift prices, despite the poor sales performances. Considering prices for raw materials keep rising, insiders foresee a further price increase of HRC in November, but the market performance is unlikely to make obvious progress in view of the insufficient downstream demand.
