CHINA HRC: China bids above $430 per tonne for imported HRC on domestic surge

China’s hot-rolled coil prices surged on futures gains on Monday June 1, prompting importers to bid above $430 per tonne for Indian material, but sources warned of high risks following the significant increase.

Domestic
Eastern China (Shanghai): 3,650-3,660 yuan ($511-513) per tonne, up 60-70 yuan per tonne
Northern China (Tangshan): 3,630 yuan per tonne, up 60 yuan per tonne
Trading was active nationwide, but a Tianjin-based trader said buying weakened in Tangshan, northern China, in the afternoon after futures prices fell.
A Shanghai-based trader said the price growth in both the futures and spot markets was due to iron ore price gains lifting market sentiment. But iron ore futures weakened in the afternoon, leading HRC futures prices to follow.

The iron...

Published

Miranda Song

June 01, 2020

10:38 GMT

Shanghai