China's hot-rolled coil prices gained some more strength on Monday August 19 on news of a revamp in interest rates as well as tighter steelmaking restrictions in the country's northern region.
DomesticEastern China (Shanghai): 3,730-3,740 yuan ($530-531) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,730 yuan per tonne, up 10 yuan per tonnePrices in Shanghai rose as high as 3,740 yuan per tonne in the morning amid gains in the futures market that came amid improved sentiment following an announcement by China's central bank last Saturday that it would implement reforms for a key interest rate to help lower borrowing costs for companies.The reform is equivalent to making a loan rate cut of...