CHINA HRC: Prices reach new 2-year highs on futures gains, further rises expected

China’s hot-rolled coil prices reached new two-year highs on Friday November 27 amid futures gains and market participants expect prices to go even higher next week.

Domestic
Eastern China (Shanghai): 4,200-4,220 yuan ($639-642) per tonne, up 50-60 yuan per tonne
Northern China (Tangshan) - weekly assessment: 4,000-4,030 yuan per tonne, up 10-20 yuan per tonne
Several Shanghai-based traders said sellers there were offering material at higher prices after futures kept climbing on Friday.

A Tianjin-based trader said there was a good chance of further price gains in the futures market, because futures prices are still relatively low compared with those...

Published

Miranda Song

November 27, 2020

10:09 GMT

Shanghai