Domestic hot-rolled coil prices in China inched higher on Thursday September 2, after two consecutive days of moderate losses, with market sentiment improved by positive production and inventory data.
Domestic
Eastern China (Shanghai): 5,670-5,690 yuan ($878-881) per tonne, up by 20 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange jumped to an intraday high of 5,618 yuan per tonne in the last trading hour before the closing bell on Thursday.
The gains in HRC futures came after a major local information provider released its weekly steel production and inventory data on Thursday afternoon.
The combined inventories of HRC, HR sheet and plate in China dropped 142,800 tonnes to 3.77 million tonnes in the week to September 2, while output of the products shrank by 30,500 tonnes to...