CHINA HRC: Importers raise bids after domestic gains

China’s hot-rolled coil importers raised their bids on Monday July 13, motivated by domestic price gains, although the bids remain below offer levels for material from India.

Domestic
Eastern China (Shanghai): 3,900-3,910 yuan ($557-559) per tonne, up 40-50 yuan per tonne
Domestic prices gained on Monday, with sellers raising offers after seeing price gains in the futures market, sources told Fastmarkets.
Trading overall was “merely moderate,” with some downstream buyers reluctant to pay higher prices, a Shanghai-based trader said.

Most traders said the recent price gains were not because of any recovery in demand but because the continuously strong futures prices have bolstered market sentiment. The futures gains were due to enhanced liquidity...

Published

Miranda Song

July 13, 2020

11:27 GMT

Shanghai