China's hot-rolled coil prices continued to rise on Monday April 13, with sentiment lifted by strengthening futures, although some buyers decided to hold back amid mills' rising output.
Domestic
Eastern China (Shanghai): 3,320-3,350 yuan ($472-476) per tonne, up 50-70 yuan per tonne
Northern China (Tangshan): 3,230 yuan per tonne, up 30 yuan per tonne
A Shanghai-based trader said that spot prices in the eastern region were tracking the futures market closely because speculators were leveraging on the arbitrage between the May futures contract and physical cargoes. This is because HRC sold in the spot market are for delivery over the next few weeks.
As such, he attributed the price...