The July spot price for Hot
Rolled Coil on CME (Chicago Mercantile Exchange) U.S. Midwest Hot Rolled
futures contract settled yesterday at $600 down $10 from last week. The continued deteriorating
global economic picture as well as renewed fears that China’s manufacturing
will continue to slow is weighing on market sentiment as we enter the
traditionally slow seasonal period.
Market participant continued to have downward sentiments as news prevail
that prices from China mill might fall further. Volume on the CME U.S. Midwest
Hot Rolled futures contract this week was firm as 14,600 tons (730 lots)
changed hands so far this week. Sellers continue to drop their offers
hoping to entice buyers.
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