China's hot-rolled coil prices continued to gain strength on Friday March 19, rising to their highest since August 2018 following the announcement of a new round of production cuts in Tangshan, in northern China.
Domestic
Eastern China (Shanghai): 4,990-5,050 yuan ($767-776) per tonne, up 40-70 yuan per tonne
Northern China (Tangshan) - weekly assessment: 4,920-4,950 yuan per tonne, up 30-90 yuan per tonne
Several Shanghai-based traders told Fastmarkets that sellers in the city raised their offers after the local government in Tangshan - China's steelmaking hub - issued a fresh set of production curbs on Friday.
Seven steelmakers - including Tangshan Medium Thick Plate Co and Hebei Xinda Iron & Steel Group Co - have been ordered to halve their production from March...