Markets were generally quiet in China between September 29 and October 6 due to the Mid-Autumn Festival and National Day holidays. The hot rolled coil (HRC) export market was also stagnant. A slight decrease was also observed in hot rolled coil export prices.
The export price of Chinese origin SS400 4.75 mm hot rolled coil came to $535/ton FOB from North China's Tianjin port, down $5/ton compared to September 28, while the export price of SPCC 1.0 mm cold rolled coil eased.
How did the holiday in China affect other countries?
China was not active in the markets due to the holiday. Due to the country's inactivity in the market, many foreign buyers' low demand for HRC has not seen any improvement.
In Vietnam, demand for hot rolled coils was also low during the Chinese holiday. The country's largest steel producer, Hoa Phat, has cut its domestic HRC sales prices by VND240/kg ($9.8/ton) per month, leading it to drop to VND13,950/kg CFR Ho Chi Minh City for November delivery.
The situation was no different in India. The prevailing expectation among buyers due to the holiday had a negative impact on the markets. The country fixed its hot rolled coil export price at $585/ton CFR for December shipment.
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