China's domestic hot-rolled coil prices extended their gains on Wednesday August 11 after futures prices rose for a second straight day on higher market expectations of an output drop and demand recovery from low summer trading.
Domestic
Eastern China (Shanghai): 5,820-5,860 yuan ($897-903) per tonne, up by 40-60 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange hit an intraday high of 5,947 yuan per tonne in early morning trade on Wednesday, its highest in more than a week, before it pared some gains to finish the day at 5,901 yuan per tonne.
Expectations of a drop in steel supply in the coming months cemented following the report by...