Spot prices for Chinese hot-rolled coil were largely stable on Wednesday April 8, with exporters exercising caution amid the possibility of steelmakers worldwide cutting output due to a continually weakening market caused by the Covid-19 pandemic.
Domestic
Eastern China (Shanghai): 3,220-3,230 yuan ($456-457) per tonne, unchanged
Northern China (Tangshan): 3,190-3,200 yuan per tonne, widening upward by 10 yuan per tonne
Prices across the country held steady amid active trading in the spot market.
A Shanghai-based trader attributed this to sentiment improving on gains in the futures market, although he added that he did not consider this a significant rebound in demand.
Some market participants have become more bearish about prices for Chinese, especially with...