CHINA HRC: Drop in new coronavirus cases generates optimism

China’s domestic hot-rolled coil prices regained some losses on Wednesday February 12 after the country reported its lowest number of new coronavirus cases since late January, which generated some optimism about the outbreak being contained.

Domestic
Eastern China (Shanghai): 3,510-3,520 yuan ($503-505) per tonne, narrowing upward by 10 yuan per tonne
Northern China (Tangshan): 3,270 yuan per tonne, up 20-50 yuan per tonne
Sellers sought higher prices during the day in response to Tuesday’s rebound futures.
HRC futures gained more strength on Wednesday after sentiment improved in response to signs that the novel coronavirus (2019-nCoV) was coming under control.
China on Wednesday reported its lowest number of new coronavirus cases since late January.

Northern China’s...

Published

Miranda Song

February 12, 2020

10:50 GMT

Shanghai