China’s HRC exports to improve in Sep
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Update time : 2023-09-14 14:17:21
The trading volume of hot-rolled coil (HRC) in the Chinese market was poor in August and was the lowest level since June. However, due to the recent promotion of the Chinese government's bullish policies, HRC's futures prices have gradually increased.
Market participants said that there was excessive inventory in some areas, and the increase in spot prices lagged behind futures prices.
According to statistics, the total HRC output of China's major steel mills in August was around 21.7 million tons, a month-on-month increase of 1.85%.
There are still no new production reduction plans in the short term. Entering September, market prices and production costs increased, and the mills' profits were certainly compressed.
From the perspective of exports, HRC export volume increased significantly from August to September. The actual volume in August rose by 37.2% year on year, and the planned volume in September rose by 25.39% year on year.
Therefore, HRC export growth in the past two months has shared stock pressure in the domestic market, and it was expected that prices in September may fluctuate continuously.
