CHINA HRC: Surging futures send prices to 2-year highs [UPDATED]

China’s hot-rolled coil prices rose to their highest since late October 2018 on Tuesday November 17 amid a strong futures market, sources said.

Domestic
Eastern China (Shanghai): 4,100-4,130 yuan ($623-627) per tonne, up 50 yuan per tonne
Rallying futures throughout the day led sellers to issue higher offers for HRC during the trading session.
A Shanghai-based trader said that sentiment had improved due to continual gains in the financial sector since there had not been any significant changes in steel supply or the production rates of downstream industries.
Many of his customers rushed to restock on seeing the rapid price increases, he said.

A second Shanghai-based...

Published

Miranda Song

November 17, 2020

11:48 GMT

Shanghai