China's hot-rolled coil prices surged on Wednesday July 8 amid financial market gains, which revived imports, sources told Fastmarkets.
Domestic
Eastern China (Shanghai): 3,840-3,860 yuan ($547-550) per tonne, up 60-70 yuan per tonne
A Shanghai-based trader said sellers in the city offered HRC at 3,840 yuan per tonne in the morning before raising this amount to 3,860 yuan per tonne in response to active trading.
The price surge during the day was beyond most market participants' expectations. They had expected prices to soften since 2-3 weeks ago when inventory levels rose.
A Tianjin-based trader said the increases during the day were due to rising futures, which in return lifted sentiment in the spot market.
China's financial markets, including those for equity and commodity futures, are trending upward this week amid optimism over the country's economic...