Eastern China's hot-rolled coil prices picked up further on Friday August 23, but sellers remained worried about the market weakening again soon on the belief that the recent strength was due in large part to speculation.
DomesticEastern China (Shanghai): 3,720-3,730 yuan ($525-527) per tonne, up 10-20 yuan per tonneNorthern China (Tangshan): 3,700 yuan per tonne, unchangedRising futures propped up spot prices in Shanghai during the day.A trader in the city also noted higher trading activity as a result of downstream buyers stocking up ahead of the weekend to maintain their production rates.Prices in northern China remained stable however despite mills raising their offers by around 20 yuan per tonne.A trader in Tianjin said the stagnation was due to buyers across the country being under the impression that prices in the north were too high, since...