China's hot-rolled coil prices edged up on Monday November 16 amid optimistic sentiment generated by upbeat economic data and the establishment of a new free-trade agreement between 15 countries in Asia-Pacific.
Domestic
Eastern China (Shanghai): 4,050-4,080 yuan ($613-617) per tonne, widening upward by 10 yuan per tonne
Sources told Fastmarkets that spot prices in Shanghai had strengthened in response to gains in the futures market during the day.
A Shanghai-based trader said sellers had initially asked for 4,050-4,070 yuan per tonne when they resumed trading on Monday morning but they later raised their offers up to 4,080 yuan per tonne in response to strong buying interest.
He said there was optimism in the sector amid...