China's domestic hot-rolled coil prices trended higher on Wednesday June 9 amid a rallying futures market sparked by concerns over the supply of raw materials.
Domestic
Eastern China (Shanghai): 5,530-5,550 yuan ($865-868) per tonne, narrowing upward by 30-80 yuan per tonne.
The most-traded HRC futures contract on the Shanghai Futures Exchange reached an intraday high of 5,400 yuan per tonne on Wednesday shedding some of the gains to close the day higher by more than 1%.
The gains were driven by concerns over the supply of steelmaking raw materials, a Shanghai-based trader told Fastmarkets.
The futures contracts for iron ore, coking coal and coke all rose for a second day on Wednesday following an announcement by Chinese authorities on Tuesday that they would undertake measures to improve mining safety.