CHINA HRC: Prices rebound on bargain hunting

China’s hot-rolled coil prices rebounded on Thursday April 29 on bargain hunting after declining a day earlier.

Domestic
Eastern China (Shanghai): 5,770-5,790 yuan ($890-894) per tonne, up 40-50 yuan per tonne
Several Shanghai-based traders said spot sellers in the city had secured orders at higher prices than a day earlier after a strengthening of the futures market.
The futures market’s strength was attributed to investors increasing their positions on expectations that prices had bottomed out after falling a day earlier.

On Wednesday, China’s HRC prices fell in response to the government...

Published

Miranda Song

April 29, 2021

10:12 GMT

Shanghai