Eastern China (Shanghai):
3,720-3,750 yuan ($526-531) per tonne, narrowing downward by 10 yuan per tonne
Sellers in Shanghai offered HRC at 3,750 per tonne, unchanged from Tuesday, but accepted prices as low as 3,720 yuan per tonne amid weakening activity, a source told Fastmarkets.
Downstream demand remains largely stable, but buyers have slowed down with orders due to the upcoming holiday, the source said.
The declines in the futures market during the morning session also dampened market sentiment, he said.
A Shanghai-based trader believes China’s HRC supply will grow in the next...