China's domestic hot-rolled coil prices surged on Monday August 3 to reach their highest since October 2018 amid optimism generated by rising manufacturing activity.
Domestic
Eastern China (Shanghai): 4,060-4,070 yuan ($582-584) per tonne, up 70-90 yuan per tonne
Several Shanghai-based traders told Fastmarkets that trading activity in that region was merely moderate because buyers were reluctant to pay too high for cargoes.
But sellers raised their offers anyway amid a strengthening futures market, which had responded to optimism generated by statistics showing China's factory activity being at their highest in nearly a decade.
The Caixin/Markit manufacturing purchasing managers' index (PMI), a private business survey indicating factory activity, rose to 52.8 points in July from 51.2 a...