Home / Metal News / HRC Prices Rebound On Macro Tailwinds In China And Overseas

HRC Prices Rebound On Macro Tailwinds In China And Overseas

iconJun 2, 2023 16:45
Source:SMM
SHANGHAI, Jun 2 (SMM) –HRC futures closed up 3.01% at 3,664 yuan/mt yesterday, buoyed by macro tailwinds in China and overseas.

SHANGHAI, Jun 2 (SMM) –HRC futures closed up 3.01% at 3,664 yuan/mt yesterday, buoyed by macro tailwinds in China and overseas. Spot prices also rose in many regions and transactions were modest. HRC output fell this week due to maintenance by some steel mills in north, central, east and north-west China.

HRC social inventories fell sharply this week, mainly driven by south and north China, where supply pressure eased or rigid demand improved. Inventories in east China rose. If prices sustain gains, demand may be released further. The tenth round of coke price cuts will weaken cost support to HRC prices, but improved market sentiment may allow HRC prices to stabilize.

More popular news

Key Takeaway from SMM 2023 Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel and Stainless Steel Market Outlook 2023-2027 and Indonesia’s Critical Role in Attracting Chinese Investment 


ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Key Negative Developments In China


One Of China's Top Two Lithium Giant To Expand Capacity Aggressively As It Bets On Nev And Energy Storage Markets In The Long Run, Despite Cyclical Downturn Of Lithium Carbonate Prices


South China Battles Power Crisis, The Worst This Year


BHP Looking To Further Expand Iron Ore Production In Western Australia, Which Has Already Exceeded Initial Target 


Tesla to Compete with Chinese NEV Rivals Using Redesigned Model 3 Soon, China Has Become Tesla's Second Largest Market after the US


Market forecast
Market review

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news