CHINA HRC: Prices stabilize after several days of gains

China’s hot-rolled coil prices were largely stable on Wednesday November 18, having strengthened continually in the first two days of this week. Several producers are reported to be operating at close to capacity to capitalize on the bullish market.

Eastern China (Shanghai): 4,110-4,120 yuan ($626-627) per tonne, narrowed by 10 yuan on both ends
Sellers kept prices high despite a weakening of trading activity in response to a subdued futures market during the day, a Shanghai-based trader said.
He expects spot prices to remain high in the short term on a largely optimistic market boosted by China’s continual economic recovery.

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Miranda Song

November 18, 2020

10:15 GMT