It's reported that Shanghai's hot rolled coil (HRC) spot market has remained weak due to sluggish demand on December 1st, even though Chinese Central Bank announced to cut deposit reserve ratio by 0.5% on November 30th.
At present, the quotes of HRC produced by Ansteel in dimension of 2.75mm x 1,500mm are at RMB4,380/ton and the quotes of HRC in dimension of 4.5mm~11.5mm x 1,500mm is at RMB4,170~RMB4,180/ton.
Industry sources indicated that Shanghai's HRC market may remain weak in the short term and it would experience the correction