Eastern China (Shanghai)
: 4,840-4,870 yuan ($748-753) per tonne, widening downward by 10 yuan per tonne
While spot sellers in Shanghai were able to conclude deals at 4,850-4,870 yuan per tonne in the morning, they had to surrender part of their profit in the afternoon amid inactive trading, market sources told Fastmarkets.
A Shanghai-based trader said the manufacturing sector has been providing stable demand for HRC, but many heavy machinery and construction projects have not resumed following last week’s Chinese New Year holiday, which kept trading activity in the HRC market low.
Futures losses in the afternoon session...