China's domestic hot-rolled coil prices widened on Wednesday June 27 after trading activity picked up in the latter half of the day in response to lower offers, a situation that traders went on to capitalize on.
DomesticEastern China (Shanghai): 4,220-4,250 yuan ($642-647) per tonne, widening by 10 yuan per tonneNorthern China (Tianjin): 4,120-4,160 yuan per tonne, widening upward by 20 yuan per tonnePrices fluctuated during the day, after traders set their offers as low as 4,220-4,230 yuan per tonne in the morning after the continual decline over the past few days.But in the afternoon when buyers rushed in, they raised their offers again, a Shanghai-based trader said.Transactions were mostly done around 4,240-4,250 yuan per tonne in eastern China after trading activity increased in the latter part of the day, he said.Most market participants believe supply...