US HRC – Indices have taken a hit this
week, with the TSI marking US HRC at $606 and Platts marking ex mill prices at
$650/Mt. CME future market surprisingly had a blank day, despite the sharp move
down, with participants happy to wait for one another to make the first move.
There has been talk of spot prices nearing the bottom, but with scrap prices
continuing to be under pressure, there could be yet more downside to come.
EUROPEAN HRC – Demand in Northern
European HRC remains very low as buyers are avoiding stocking and are only
placing orders for material they need. Mills are currently offering HRC at
€520/t ex-works for August deliveries and targeting €540/t ex-works for September
delivery.
CHINA HRC – SHFE rebar futures
ended mixed compared to Tuesday’s closing levels on Wednesday, with
higher traded volume. The most traded Oct12 contract closed at RMB 4063
(+3 /+0.07%) compared to Tuesday’s closing level of RMB 4060, on 768,006 lots
traded. Jan13 contract closed at RMB 4041 (-35/-0.86%) compared to Tuesday’s
closing level of RMB 4076, on 47,774 lots traded.
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