CHINA HRC: Falling domestic stocks, good demand boost prices

Chinese domestic and export hot-rolled coil prices rose on Thursday November 19, supported by positive market sentiment driven by falling inventories in the country.

Eastern China (Shanghai): 4,130-4,150 yuan ($630-633) per tonne, up 20-30 yuan per tonne
Trading in the spot market was more active than Wednesday amid gains in the futures market, while news about diminishing inventories also helped lift market sentiment, sources told Fastmarkets.
The most-traded January HRC futures contract closed at 4,078 yuan per tonne on Thursday, up by 31 yuan from Wednesday.

A Shanghai-based trader said most market participants are bullish on the price in the short term, although they are uncertain about the sustainability of the rally....


Miranda Song

November 19, 2020

10:04 GMT