China's domestic hot-rolled coil prices strengthened on Thursday May 14 amid support provided by steady demand from the infrastructure sector, sources said.
Domestic
Eastern China (Shanghai): 3,420-3,430 yuan ($482-483) per tonne, up 30 yuan per tonne
Northern China (Tangshan): 3,390 yuan per tonne, up 40 yuan per tonne
Market sources reported robust trading during the day, with downstream buyers rushing to restock amid rising prices.
A Tianjin-based trader said certain downstream manufacturers, particularly auto and white goods producers, have thin margins. As a result, recent price increases for HRC led them to step up their procurement rates out of fear of having to pay even more in the future.
But a Shanghai-based trader said that...