CHINA HRC: Domestic prices inch up following earlier futures gains

Domestic hot-rolled coil (HRC) prices in China extended their gains on Monday August 23, buoyed by constrained production but subdued by rising inventories and persistent concerns over demand.

Domestic
Steel hot-rolled coil domestic, ex-whs Eastern China (Shanghai) was 5,660-5,700 yuan ($870-876) per tonne, up by 30-40 yuan per tonne from Friday August 20.
The most-traded HRC contract on the Shanghai Futures Exchange gave back most of its earlier gains on Monday, after hitting an intraday high of 5,535 yuan per tonne in early afternoon trade.

High stocks, the absence of a substantial demand recovery from the summer lull and demand concerns sparked by Covid-19 situations across the globe -...

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