China's hot-rolled coil prices rallied on Monday June 8 after declining in the latter half of last week, amid concerns over iron ore supply as a result of Brazilian miner Vale being told to suspend part of its operations.
Domestic
Eastern China (Shanghai): 3,650-3,670 yuan ($515-518) per tonne, up 40-50 yuan per tonne
A Shanghai-based trader said trading picked up in the domestic market after HRC futures surged during the day along with those for iron ore.
The gains were in response to Vale's suspension of mining at its Itabira complex due to a worsening Covid-19 outbreak in that region.
Northern China also saw a lot of trading activity due...