China's hot-rolled coil exporters continued to aim for higher prices on Friday March 1 following futures-led gains in the domestic market.
DomesticEastern China (Shanghai): 3,840-3,860 yuan ($574-577) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,760-3,820 yuan per tonne, up 20-60 yuan per tonneFurther gains in the future market gave spot prices more upward momentum during the day.Traders had recently started to short-sell in the futures market while buying physical cargoes amid expectations that the former would fall.But a source in Hangzhou expressed reservations about this strategy, pointing out that trading activity would soon shift to the October HRC futures...