Domestic HRC market prices soared in February, especially after Chinese New Year holiday. The transactions were roughly plain. In February-end, spot product prices fluctuated and market sentiment chiefly adopted wait-and-see attitudes towards the market development. Besides, the demand has not fully recovered as some enterprises and end users did not resume work. Some traders, out of the pressure on fund, promoted selling, thus spot product prices declined.
In March, demand is expected to be fully recovered, and the steel mills will not reduce the ex-work price. Coke prices are expected to drop in March, then HRC spot prices will decline as well.
Domestic HRC market prices generally soared by 230-410 yuan/t in February 2021
SteelHome forecasts that HRC market prices will keep increasing after short-period of decline in March.
--- SteelHome
Source : SteelHome
