China's domestic hot-rolled coil prices rebounded on Tuesday March 2 amid recovering demand, sources told Fastmarkets.
Domestic
Eastern China (Shanghai): 4,840-4,860 yuan ($749-752) per tonne, up 20 yuan per tonne
A Shanghai-based trader said trading activity picked up on Tuesday, which helped push prices upward.
He said the company he works for was receiving a steady stream of orders - close to its daily average - because downstream companies had resumed production after the Chinese New Year holiday in February.
In contrast, the company was getting just 70-80% of its daily average of orders last week, he said.
Rebounding futures helped to bolster sentiment in the spot market, a...