The prices of carbon steel hot rolled (HR) product in China went up sharply on November 11st, affected by destocking and production cut.
Additionally, steel spot prices and future prices soared up as well, with the largest one-day rise even reached around US$13/ton.
In Shanghai steel market, the prices for carbon steel hot rolled flat product with 3.0mm is around US$685/ton, and US$675~710/ton in other cities.
Market participants pointed out the Chinese steel market becomes stable due to destocking, production cut, and steady iron ore prices.
Moreover, the easy-money policy conducted by Chinese government makes steel mills, stockers and traders acquire sufficient cash flow on replenishment of steel products.
Hence, the export prices of flat products from China also go up that the prices of boron-containing carbon hot rolled coil has increased to US$615~620/ton FOB