The most-traded HRC contract on the Shanghai Futures Exchange gained 79 yuan per tonne in the week to November 26
and ended at 4,542 ($711) yuan per tonne, marking the first positive week in the past seven.
Domestic CRC and HDG prices in China also moved higher in the week ending November 26, after falling for six consecutive weeks.
Some traders reported a slight easing in buying interest from overseas clients this week, with buyers watching developments surrounding Omicron, the new Covid variant, and retreating to the sidelines at the end of the month.
Mills and trading houses have yet to see any impact from Omicron on their cargo deliveries.
“The new Covid variant is unlikely to have a great...