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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]
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