Chinese HRC prices push up on hopes of stimulus package

Spot prices for hot-rolled coil in China increased on Monday December 6, supported by rising hopes of stimulus measures after China’s Premier promised to cut the reserve requirement ratio (RRR).

Domestic
Eastern China (Shanghai): 4,840-4,880 yuan ($760-766) per tonne, up by 20-30 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange jumped to an intraday high of 4,650 yuan per tonne during night trading last Friday.

In a video conference with the managing director of the International Monetary Fund on December 3, Chinese Premier Li Keqiang said that China would cut the RRR - the amount of cash that banks must hold as reserves, which reduces the amount available for investment - “at an appropriate...

Published

Zihuan Pan

December 06, 2021

10:55 GMT

Shanghai, Singapore