CHINA HRC: Market confidence grows on no new local infections

China's domestic hot-rolled coil prices were largely stable on Friday March 20 on the news of no new local infections of the novel coronavirus (2019-nCoV), but market participants expect export offers to drop soon on fierce global competition.

Domestic
Eastern China (Shanghai): 3,440-3,450 yuan ($485-486) per tonne, narrowing downward by 10 yuan per tonne
Northern China (Tangshan): 3,350 yuan per tonne, unchanged
A Shanghai-based trader said he had to cut offers slightly from yesterday, with buyers taking a wait-and-see position after futures declined in the morning.
But trading picked up after he cut offers to 3,440 yuan per tonne, he said.

A second Shanghai-based trader believes demand will keep growing over the next few weeks, with China allowing more active business operations as the coronavirus comes under better...

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