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JOIN WIN STEEL has recently learned that some Chinese steel HCT600C steel mills have lowered their quotes for hot coils this week due to a significant drop in the prices of their main contracts. Yesterday, the closing price of China's main hot coil contract was 3706 yuan/ton, falling to the lowest point in nearly three months. In addition, the recent macroeconomic policies have not stimulated the market as expected, resulting in a relatively sluggish sentiment in the Chinese market.
In the context of a significant decline in domestic hot coil futures, the recent HCT600C steel price drop of Chinese hot coils has also been significant. JOIN WIN STEEL learned that this week, Chinese small steel mills quoted a FOB price of approximately $510-515 per ton for hot coils with specifications of SS400/Q235/Q195 and a thickness of 3mm, which is a significant decrease compared to last week's FOB price of approximately $515-520 per ton.
At present, some large steel mills have not updated their export prices for this week's hot coils. However, some market participants have indicated that if there are actual orders, large steel mills may quote prices similar to those of small steel mills, and may quote $515-520 per ton FOB for hot coils with specifications of SS400/Q235 and thickness of 3mm.
However, due to the fact that most of the hot coil price advantage resource quotations are temporarily out of the market, the actual transaction volume of hot coil exports is relatively quiet. Some buyers are cautiously observing the market, and some buyers have expressed that they cannot accept prices outside of China's advantage price resource HCT600C steel quotations for the time being.
