China's hot-rolled coil prices remained firm on Friday July 31 amid continuous supply shortages in the east of the country, sources told Fastmarkets.
Domestic
Eastern China (Shanghai): 3,970-4,000 yuan ($567-571) per tonne, up 20-30 yuan per tonne
Northern China (Tangshan) - weekly assessment: 3,740-3,770 yuan per tonne, down 50-60 yuan per tonne
Sellers were offering material at around 3,970 yuan per tonne on Friday morning in Shanghai, with prices gaining to around 4,000 yuan per tonne in the afternoon amid gains in futures prices.
A Shanghai-based trader said trading was moderate, but buyers were willing to pay higher prices due to tight supply.
Inventories of SS400-grade HRC in eastern China have been low...