HRC prices increased in China

As of 2 June, China's national Q235 4.75mm HRC price was up 46 Yuan/t from a week ago to 3,808 Yuan/t ($627.3/t) including 13% VAT.

The most-traded October HRC contract on the SHFE increased by 160 Yuan/t from the settlement price on 26 May to 3,722 Yuan/t at the end of the day session on 2 June.

Many end-users were willing to buy some tonnage as roll prices tended to stabilise, while many traders also started to buy, noting that HRC stocks in warehouses have been steadily decreasing.

Meanwhile, Shagang Group, China's largest private steelmaker, announced on 1 June that it lowered local HRC prices by 250 yuan/t and heavy plate prices by 200 yuan/t for the current month sales.