Published by:Zihuan Pan<>
21 Apr 2025 @ 11:17 UTC
Chinese steel hot-rolled coil prices moved higher on Monday April 21, bolstered by stimulus expectations following Beijing’s latest pledge to boost economic growth, sources said. Spot HRC prices followed futures prices higher on Monday, with the most-traded contract for the flat steel product on the Shanghai Futures Exchange rising after four consecutive trading days of losses.
Increasing expectations that the Chinese government would introduce stimulus measures, including cuts to interest rates and required reserve ratio (RRR) for banks, in the near term to boost the nation’s economic growth amid intensifying trade tensions with the United States, underpinned steel prices, sources told Fastmarkets.
Chinese Premier Li Qiang on Friday April 18 presided over a State Council executive meeting, which discussed measures aimed at stabilizing employment, boosting economic growth and advancing high-quality development. The meeting called for continuing to stabilize the stock market and promoting the steady, healthy development of the real estate market.
But the upward momentum in HRC prices looks not very strong with most investors still in wait-and-see mode, a trader in eastern China said.
Domestic
Fastmarkets’ price assessment for steel hot-rolled coil domestic, ex-whs Eastern China was 3,240-3,250 yuan ($444-445) per tonne on Monday, up by 30 yuan per tonne from 3,210-3,220 yuan per tonne on Friday. Despite the price rally, spot HRC trading in China’s domestic market failed to improve from last Friday on Monday, traders said.
Export
Fastmarkets calculated its steel hot-rolled coil index export, fob main port China at $452 per tonne on Monday, up by $3 per tonne from $449 per tonne on Friday.

Small, privately-owned mills offered HRC exports at $450-455 per tonne FOB China for 3.0-3.5 mm thick, 1,250-1,500 mm wide SS400/Q235-grade HRC on Monday, narrowing upward from $447-455 per tonne on Friday.
Larger, state-owned mills have yet to issue their offers for the new week after offering at $465-500 per tonne FOB at base prices last week.
Trading for Chinese HRC exports, however, remained muted on Monday, still because the tariff turmoil and Chinese authorities’ clampdown on export trading of steel products that failed to pay the value-added-tax (VAT) kept most market participants on the sidelines, according to sources.
Traders said that they received limited bids or enquires from overseas buyers, which were too low to be workable for transactions. Vietnamese buyers bid at $463-465 per tonne CFR Vietnam for Q235-grade HRC of 2,000mm width, which are not targeted by the Vietnamese government’s anti-dumping (AD) duties, on Friday, with freight rates from China to Vietnam estimated at $10-11 per tonne, according to traders.
The great uncertainty around the market kept traders from taking low bids, sources said. Green steel
Fastmarkets’ assessment off lat steel reduced carbon emissions, daily inferred, exw China was 3,240-3,800 yuan per tonne on Monday, up by 30 yuan per tonne from 3,210-3,770 yuan per tonne on Friday.
This was assessed based on Fastmarkets’ fortnightly price assessment off lat steel reduced carbon emissions differential, exw China
Market chatter
The market is awaiting the results from the upcoming the Political Bureau meeting in end-April, which is expected to announce some stimulus measures to shore up the economy. This kept the steel market in wait-and-see, a trader in northern China said. Shanghai Futures Exchange
The most-traded SHFE October HRC futures contract closed at 3,209 yuan per tonne on Monday, up by 28 yuan per tonne from Friday’s closing price of 3,181 yuan per tonne.