Chinese HRC export prices were at an intra-year low of $454/t FOB in May, down $5/t m-o-m. China continued to struggle with a surplus, and demand was soft, with Vietnamese buyers staying away due to the ongoing anti-dumping investigation and concerns about the possible inclusion of wider-width coils under its purview. Market uncertainty regarding the tariffs also prompted a rush to offload material. As a result, exporters pruned offers to draw in buyers. Although favourable macroeconomic sentiment following the US-China trade talks propelled offers higher, eventually, prices slumped as importers remained indifferent to these values.
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