Eastern China (Shanghai):
3,950-3,970 yuan ($566-568) per tonne, up 50-60 yuan per tonne
Domestic HRC prices surged on Wednesday July 22 amid increased liquidity in the market, which led sellers to raise their offers, a Shanghai-based trader said.
Buyers rushed to the spot market to restock on seeing the price gains, he said.
The higher trading activity was attributed to Shanghai’s lower inventory levels in comparison with other regions. Furthermore, re-rolling-grade HRC imports arriving in eastern China in the past few weeks have had limited influence...