Trading activity in China's domestic hot-rolled coil market thinned as prices strengthened on Friday May 8, while the country's demand for imports appeared to have led to higher offers for Indian HRC.
Domestic
Eastern China (Shanghai): 3,380-3,390 yuan ($477-478) per tonne, up 10-40 yuan per tonne
Northern China (Tangshan): 3,340 yuan per tonne, unchanged
A Shanghai-based trader said sellers kept their offers high amid rising futures, but trading activity thinned significantly due to buyer resistance against high prices.
He said sales at the company he works for on Friday was down by a third of that on Thursday.
Market participants expect HRC futures to retreat next week because inventory levels were still high despite steady demand.