CHINA HRC: Ex-works prices gain on weekend buying spree

China's domestic hot-rolled coil prices gained on Monday March 16 in thin trading, boosted by a weekend buying spree following the news of the reserve ratio cut.

Domestic
Eastern China (Shanghai): 3,510-3,530 yuan ($501-504) per tonne, up 10-20 yuan per tonne
Northern China (Tangshan): 3,380 yuan per tonne, up 50-60 yuan per tonne
Mills in the north of China raised ex-works offers for flat steel including HRC, cold-rolled coil and hot-dipped galvanized coil, after downstream consumers rushed to place orders at the weekend.

Buyers restocked on expectations that China would post a faster economic recovery, following the news late on Friday that the People's Bank of China (PBOC) would cut the reserve requirement ratio...

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