Domestic hot-rolled coil prices in China were unchanged on Friday July 9, with an ongoing seasonal lull in demand keeping spot prices from tracking rising futures amid talk of production cuts across the country.
Domestic
Eastern China (Shanghai): 5,700-5,770 yuan ($878-889) per tonne, unchanged
Northern China (Tangshan): weekly assessment: 5,500-5,620 yuan ($848-866) per tonne, up by 180-240 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange reversed overnight losses to end higher on Friday, staying around seven-week highs.
The contract's recovery pointed to the strength of the bullish sentiment among investors, a Shanghai-based trader said.
Despite the absence of official announcements of production...