Eastern China (Shanghai):
4,980-5,030 yuan ($770-778) per tonne, up 140-170 yuan per tonne
Several Shanghai-based traders told Fastmarkets that spot sellers there could do deals at 5,010-5,030 yuan per tonne in the morning when futures prices were strong, but had retreated to 4,980-4,990 yuan per tonne by the afternoon after futures prices weakened.
Trading in the spot market was active because many downstream buyers accelerated their restocking on fears of further price gains, one trader said.
The significant increase in prices was triggered by news that Tangshan, northern China, had ordered the suspension of blast furnaces covering...