Eastern China (Shanghai): 3,730-3,750 yuan ($539-541) per tonne, down 20-30 yuan per tonne
Northern China (Tianjin): 3,740-3,750 yuan per tonne, unchanged
Participants remained pessimistic about price trends in the HRC market, and are not expecting any significant recovery in demand downstream, though output continued to rise.
A rebound in the futures market led by the rebar contract provided some respite by generating some trading activity.
A Hangzhou-based source said that was because some speculators had gone on a buying spree in the futures market on expectations that a few rebar producers that operate electric-arc furnace would...