China's hot-rolled coil prices climbed to their highest in nearly six months on Thursday July 9 despite rising inventory levels, with the previous day's trading activity encouraging sellers to issue higher offers.
Domestic
Eastern China (Shanghai): 3,860-3,880 yuan ($551-553) per tonne, up 20 yuan per tonne
Shanghai's HRC market has shaken off all of the decreases resulting from the Covid-19 outbreak in the country, with prices returning to the same level as on January 23, the last working day before the country's Chinese New Year break.
Sellers in the city, encouraged by the robust trading activity on Wednesday, offered HRC at 3,880 yuan per tonne on Thursday morning.
But they had to lower these to around 3,860 yuan per tonne in the afternoon due to a drop in buying interest.
Buyers are not ready...