Hot-rolled coil prices plummet as Chinese factories sell off excess steel at low prices due to COVID-19 epidemic

Due to the resurgence of COVID-19 epidemic, China's closure of cities, impacting demand, and Chinese factories selling excess steel at low prices have also caused Asian hot-rolled coil prices to plummet to a new low in 2.5 months. If prices in Asia continue to fall , may hinder the price increase measures promoted by Japanese steel mills. Nikkei reported on the 18th that the Asian price of "hot-rolled steel coil", a steel used in a wide range of applications such as manufacturing and construction, has fallen sharply, mainly due to the re-spreading of the epidemic, the closure of cities in China, and the impact on demand, resulting in a sharp increase in inventories and low prices for Chinese manufacturers. Selling surplus steel in Asian markets at high prices. The current trading price of hot-rolled steel coil (1.6mm thick, including freight) in the East Asian market is around US$870 per ton, down 5% (down US$50) from the previous week and hitting a new low in about 2.5 months. During the period from late March to April, the price of hot-rolled steel coil in East Asia rose to the level of around US$960 due to the war in Russia and Ukraine and the market worried about the supply of Russian-made steel, and the current price has fallen by 9% (down about 90%) from this high point. Dollar).