SHANGHAI, Jun 8 (SMM) – HRC futures prices fluctuated downwards yesterday, closing down 1.59% at 3,721 yuan/mt. In the spot market, the quotations in mainstream cities across the country fell, and the overall transaction was weak. The average operating rate of blast furnaces at steel mills rose 0.14 percentage point from a week ago to 92.71% as of June 7, SMM survey showed. The daily average pig iron production of sample steel mills was 2.24 million mt, an increase of 1,400 mt on a weekly basis.
HRC demand is weak. Macro sentiment has improved. Iron ore price will stay firm as pig iron production still has potential to grow. Coke prices lack upward momentum.
With no improvement of fundamentals and market waiting for possible policy stimulus from government, short-term HRC prices will move rangebound.
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