Trading activity in China's domestic hot-rolled coil market picked up on Wednesday December 5 on concerns among buyers that prices would increase further in the days to come, sources told Fastmarkets MB.
DomesticEastern China (Shanghai): 3,730-3,770 yuan ($545-551) per tonne, up 40-70 yuan per tonneNorthern China (Tianjin): 3,630-3,650 yuan per tonne, up 50 yuan per tonneWhile prices in Shanghai were mainly 3,730-3,740 yuan per tonne in the morning, they surged as high as 3,770 yuan per tonne in the afternoon after trading activity picked up, several sources said.Prices in Zhangjiagang, a city in Jiangsu province where Shagang is located, were even higher - at 3,750-3,780 yuan per tonne - because the steelmaker raised its offers, a Shanghai-based trader said.Sources at mills in northern...