Eastern China (Shanghai):
4,740-4,750 yuan ($734-735) per tonne, up 250-270 yuan per tonne
Traders told Fastmarkets that few buyers were willing to place orders after the price surge, but sellers refused to lower their offers either.
That was because sellers were bullish about spot prices as a result of gains in the futures market, particularly in the wake of increased sales of home appliances, a key downstream consumer of flat steel.
Local media in China reported that sales had risen by 29.9% on the year during the Chinese New Year. The increase was attributed to more people...