CHINA HRC: India raises offers after surge in Chinese domestic prices

China’s domestic hot-rolled coil prices surged on Friday May 29 after futures gained across the steel sector overall, motivating Indian sellers to raise their offers on goods to be exported to China.

Domestic
Eastern China (Shanghai): 3,580-3,600 yuan ($500-503) per tonne, up 40-50 yuan per tonne
Northern China (Tangshan): 3,570 yuan per tonne, up 60-70 yuan per tonne
There was active trading across China on Friday, with buyers in a rush to restock after seeing futures prices rise throughout the day.
A Shanghai-based trader said trading in the north was more active than in Shanghai, because rerolling-grade HRC was in short supply in the north.

A second Shanghai-based trader said that some sellers in the east had even refrained...

Published

Miranda Song

May 29, 2020

11:59 GMT

Shanghai