It's reported that the Chinese steel mills have started the price negotiation of hot rolled coil (HRC) with its distributors for June deliveries.
At present, the Chinese steelmakers offered the HRC quoted at US$670~US$680/ton CFR for June delivery and it's estimated that the final prices will come to US$655/ton CFR, up by US$5/ton from May delivery.
However, it's said that the South Korean buyers would only accept the price level of US$660/ton CFR.
Industry sources indicated that the HRC prices might not rebound in the Asian market in the near short term, in spite of higher raw material prices