Spot prices for hot-rolled coil (HRC) in China's domestic market crept higher on Thursday September 9, as expectations of tougher production curbs in the country's second-biggest steelmaking province drove futures to the highest in about one month.
Domestic
Eastern China (Shanghai): 5,800-5,890 yuan ($897-911) per tonne, up by 50-70 yuan per tonne.
The most-traded HRC contract on the Shanghai Futures Exchange notched an intraday high of 5,940 yuan per tonne in early afternoon trade on Thursday - its highest since August 11 - before it pared some gains to end at 5,893 yuan per tonne.
East China's Jiangsu province - whose crude steel output for the first seven months of 2021 was the second highest across the country - will step up its efforts to contain the blind development of projects with high levels of emissions and energy consumption, according to an official notice released by local media on Thursday.
So-called "two-high" rolling mills that have been built or are still in construction will face tougher inspections, while upgrading to be...