SHANGHAI, Mar. 14 (SMM) – Hot-rolled coil prices in east China kept falling on March 12, with Ningbo and Hangzhou seeing accelerated declines. Prices were around RMB 4,000/mt in Shanghai last week, RMB 4,030/mt in Ningbo, and RMB 4,060/mt in Hangzhou. However, prices in Shanghai fell to RMB 3,975-3,980/mt, while those in Hangzhou and Ningbo dropped faster to RMB 3,970/mt.
Steelease sources reported that buyers in east China started to purchase low-priced resources from Rizhao, dragging down prices in Ningbo and Hangzhou. As an estimated 100,000 mt of low-priced resources in Rizhao have yet to be sold, hot-rolled coil prices in each China stand little chance to rise in March.