Hot-rolled coil (HRC) futures in China plunged on Wednesday, hitting their lowest in 3.5 months, as the novel coronavirus pandemic dents demand amid an already slowing global economy. "Downstream demand for HRC, mainly from manufacturing sectors such as autos and home appliances, are not good," said Zhao Yu, an analyst with Huatai Futures, adding that the spreading virus outside China since late March also affected HRC exports. Major automakers halted production at plants in North America as corporations grapple with growing signs of coronavirus damage. Exports of China's steel products slumped 27 per cent in the Jan-Feb period.
Source : https://www.businesstimes.com