Domestic hot-rolled coil prices in China extended their gains on Thursday July 1, with sustained expectations of production curbs in the second half of 2021 sending HRC futures to their highest in two weeks.
Domestic
Eastern China (Shanghai): 5,460-5,500 yuan ($845-851) per tonne, up by 40 yuan per tonne from 5,420-5,460 yuan.
The most-traded HRC contract on the Shanghai Futures Exchange rose to - 5,494 yuan per tonne -its highest since mid-June, on Thursday morning while market participants continued to speculate about nationwide steelmaking cuts in the second half of the year to prevent crude steel output from exceeding that of last year.