HRC Market Report January 2017
2017-02-06 08:46:38 【Print】
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HRC prices didn’t change significantly during the month, with the market stagnating as end users gradually retreated for the Spring Festival (27 January) and downstream demand shrank dramatically
. Meanwhile, leading producers such as Baosteel, WISCO, Bengang Steel, HBIS and Shougang Steel maintained stable HRC list prices for February, indicating that they weren't entirely confident about the market prospects . Though prices in the futures market kept fluctuating, traders in the spot market resisted the urge to adjust prices, seeing the poor sales performance . Besides, considering that HRC prices had soared by over 40% in 2016, most traders were uncertain about the market after the Spring Festival and refused to build large inventories . Insiders foresee a slight price increase in February in view of the low overall stockpile, as well as the rise in demand with end users returning to the market.