Hot-rolled coil prices across China's domestic market increased on Monday July 12 on improved market sentiment following news late on Friday that China' s central bank would cut the reserve requirement ratio (RRR) for all banks by 50 basis points.
Domestic
Eastern China (Shanghai): 5,780-5,850 yuan ($893-904) per tonne, up by 80 yuan per tonne
The RRR cut by the People's Bank of China, which will take effect from mid-July and is expected to unleash about 1 trillion yuan ($154.5 billion) in long-term funds, lifted market sentiment and boosted steel spot prices over the weekend.
But trading activity...