HRC: Domestic HRC prices edged lower last week. By region, prices in East and Central-South China fell RMB 30–80/tonne, North and Northeast China down RMB 20–50/tonne, and West China down RMB 10–50/tonne.

As of last Friday, the average prices in 28 major cities stood at RMB 3,555/tonne for 2.75mm coil and RMB 3,470/tonne for 5.75mm coil, down RMB 38/tonne and RMB 39/tonne w-o-w. Inventories rose to 3.93 million tonnes (+60,000 tonnes), while average daily transactions slipped to 15,500 tonnes, down 4.4% w-o-w. Production remained stable, but with inventories rising and demand subdued, market sentiment stayed cautious. Reports of stricter scrutiny on export orders may also weigh on HRC exports. Prices are expected to move rangebound this week.