Chinese HRC prices rise; trading picks up

Spot prices for hot-rolled coil in China extended their gains on Wednesday December 1, while futures prices jumped to a one-month high amid narrowing spot-futures spreads.

Domestic
Eastern China (Shanghai): 4,730-4,800 yuan ($743-754) per tonne, up by 10-70 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange jumped by more than 100 yuan per tonne to an intraday high of 4,745 yuan per tonne on Wednesday, its highest in about four weeks.
Narrowing discounts of futures prices against spot prices, a cut of short positions and raw materials stock replenishment by downstream users contributed to the sharp gains in HRC futures prices, a Hangzhou-based industry analyst said.

Traders reported that trading for spot HRC has been supported...

Published

Zihuan Pan

December 01, 2021

11:11 GMT

Shanghai