CHINA HRC: Prices at 26-month high amid inventory decline

China’s hot-rolled coil prices surged to a 26-month high on Wednesday December 2, with downstream buyers in a rush to restock after futures jumps amid inventory declines, sources told Fastmarkets.

Domestic
Eastern China (Shanghai): 4,280-4,300 yuan ($651-654) per tonne, up 80 yuan per tonne

Most traders received orders at 4,280-4,300 yuan per tonne in Shanghai on Wednesday, with one telling Fastmarkets that their downstream customers rushed to restock in fear of further price gains. They did so especially after futures prices climbed continuously on Wednesday, the trader said, adding that he believes futures price gains were partly due to inventory losses in the past week.
...

Published

Miranda Song

December 02, 2020

09:32 GMT

Shanghai