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|HR Coil Market Prices In Asia To Show More Upswing Next Week|
It is likely that HR coil market prices will show a more upswing next week in Asian nations such as China and South Korea after the lunar New Year holidays, according to market sources.|
In China, there is wide spread awareness that the domestic HR coil market has bottomed out. As a result, there is a possibility that an upswing of the HR coil market will gain momentum from next week at a time when local HR coil inventories are on the decrease at the distribution level. The HR coil market rose by the equivalent of US$5-10/ton for three weeks before the lunar New Year holidays.
Meanwhile, a price increase of US$40/ton is on offer in HR coil exports out of Russia to the Middle East. In the USA, HR coil transaction prices look set to stand at a high level for March shipments. Besides, Japanese integrated steelmakers' joint ventures in the USA enjoy fairly good deals of automotive sheets with local customers. As a result, the current HR coil market there still stands at a level of $600/ton.
All things considered, it is understood that the world's HR coil markets face less negative factors than before. In this connection, a complete change of the environment could follow in China if top integrated steelmaker Baoshan Iron & Steel Co has announced flat prices or certain price increases for part of the product mix in late February for its domestic steel shipments in the April-June quarter, experts forecast.
|last modified : Mon 06 Feb, 2006 [10:54]|