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Transaction prices for commercial-grade, boron-containing HRC was at $500-510 per tonne fob, down $10 from $510-520 per tonne fob last week.
The market sentiment took another blow from the latest price cuts. Among other producers, Shagang slashed its September HRC prices by 320 yuan ($50) per tonne over the weekend.
“The export market has not shown any signs of recovery yet. The ex-works price decreases by producers pushed export prices down further,” a trader in Zhejiang province said.
The trader indicated that he would be watching the market for a while before placing orders even though prices seem to be quite low at the moment.
“It is even possible to get cargoes from steelmakers at prices below $500 per tonne fob as long as the quantity is not too small,” another exporter in Shanghai said.
The recent decrease in raw material costs enables steelmakers to sell steel products at even lower prices, he noted.
Traders expect Chinese HRC export prices to go down to about $480 per tonne fob if they fail to hold steady at the $500 per tonne fob mark.
