China's domestic HRC prices gained on Thursday July 12 on concerns of a supply shortage after the output restriction policy in Tangshan, a steelmaking hub in northern China, was released to the market.
Declining inventory in the domestic HRC market over the past week helped boost prices, sources said.DomesticEastern China (Shanghai): 4,260-4,280 yuan ($639-642) per tonne, up 30 yuan per tonneNorthern China (Tianjin): 4,150-4,160 yuan per tonne, up 40 yuan per tonneDomestic prices surged after several mills in Tangshan said they received a government document on output restriction.While prices were mainly unchanged yesterday, as such measures were still unconfirmed, prices in both the futures and spot market have surged since yesterday night after...