HRC Prices to Rise on Expanding Demand

SHANGHAI, Mar 3 (SMM) - According to SMM statistics, the social inventory of HRC in 69 warehouses (large survey samples) across China was 4.72 million mt as of this week, down 16,900 mt or 0.36% from the previous week. The HRC demand is growing steadily. HRC costs will increase. The iron ore prices are firm, and coke prices are expected to rise further. Therefore, in the short term, steel mills and traders will insist on high quotes, and it will take some time to verify the demand expectations. The market is more bullish under the promotion of a favourable macro front. It is expected that the prices of HRC will fluctuate with occasional rises.