China's hot-rolled coil prices continued to rise on Friday February 22, boosted by sellers pushing for higher prices amid pre-weekend restocking.
DomesticEastern China (Shanghai): 3,780-3,790 yuan ($563-564) per tonne, narrowing upward 20 yuan per tonneNorthern China (Tianjin): 3,720-3,730 yuan per tonne, up 30 yuan per tonneSellers enjoyed higher prices today, with buyers restocking as usual on Friday for overtime production over the weekend.Although participants say they are not sure how much longer prices can increase at current rates given rising HRC inventory levels, many of them believe prices are unlikely to fall back given the mood among mills to at least maintain their offers at current levels amid higher costs triggered by more expensive iron ore and coke.The HRC...